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本文考察了公共支出的动态一致性问题。如果公共支出以流量的形式进入生产函数和效用函数,那么对于公共支出可能具有的三种形态(生产性、消费性和生产一消费混合型支出),均发现在最优私人资本积累的前提下,公共支出实现短期最优是实现长期最优的必要条件。这意味着最优公共支出(流量)在短期与长期之间具有稳健的动态一致性。然而当公共支出以存量的形式影响经济时,这种动态一致性将不再保持。据此,提出了使公共支出保持动态一致性的条件。
This article examines the dynamic consistency of public expenditures. If public expenditure flows into the production function and utility function in the form of flow, then for the three forms of public expenditure that may be possessed (production, consumption, and production-consumption-mixed expenditure), we find that under the premise of optimal private capital accumulation The short-term optimality of public spending is a necessary condition for long-term optimization. This means that the optimal public expenditure (traffic) has robust dynamic consistency between short and long term. However, when public expenditures affect the economy in the form of stocks, this dynamic consistency will no longer be maintained. As a result, conditions for keeping public spending dynamic and consistent are proposed.