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Public Spending as a Source of Endogenous Business Cycles in a Ramsey Model with Many Agents

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Nishimura, Kazuo | Nourry, Carine | Seegmuller, Thomas | Venditti, Alain

Edité par HAL CCSD

ACL-2. International audience. We introduce public spending, financed through income taxation, into the Ramsey model with heterogeneous agents. Public spending as a source of welfare generates more complex dynamics. In contrast to previous contributions focusing on similar models but with wasteful public spending, limit cycles through Hopf bifurcation and expectation-driven fluctuations appear if the degree of capital–labor substitution is high enough to be compatible with capital income monotonicity. Moreover, unlike frameworks with a representative agent, our results do not require externalities in production and are compatible with a weakly elastic labor supply with respect to wage.

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