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In this paper we set up a NK-DSGE model in which the consumer derives utility from a consumption basket made of public and private consumption, there is monopolistic competiton in the intermediate good sector, Calvo-Yun price setting, endogenous labour supply and Taylor rule for monetary policy. We analyse the effects of a counterciclical fiscal policy rule and how varying the degree of counterciclicality affects the determinacy of the rational expectations equilbrium and the ability to respond to technological and government spending shocks. A broad conclusion is that desiderability of pro/counter ciclical stance of fiscal policy cannot accurately be drawn without taking into account the quality of the public expenditure and the way it interacts with private consumption.

Beyond surprise : looking again at the Sleeping hermaphrodite in the Palazzo Massimo / Jennifer Trimble -- Dismembering a sacred cow : the Extispicium relief in the Louvre / Melanie Grunow Sobocinski and Elizabeth Wolfram Thill -- The Salutaris foundation : monumentality through periodic rehearsal / Diana Y. Ng -- From mystery masterpiece to Roman artwork : the journey of the Aspasia statue type in the Roman Empire / Lea M. Stirling -- The Sebaste Apollo : form, function, and local meaning / Elise Friedland -- At face value : painted ladies on Pompeiian walls / Bettina Bergmann -- Marriage divine? narratives of the courtship of Mars and Venus in Roman painting and poetry / Molly Swetnam-Burland -- Beyond high and low : the beauty of beasts at the House of the Citharist in Pompeii / Barbara Kellum -- The votive relief from House V.3.10 in Pompeii : new perspectives on a sculpture and its context / Jessica Powers

This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption in a two-country model. The results show that a permanent increase in the domestic stock of public capital financed by a reduction in public consumption raises domestic welfare if the productivity of public capital is high and the weight of public consumption in private utility is low compared with private consumption. The effect on foreign welfare is negative in the short run, but positive in the long run. This implies that, if foreign authorities care not only about the present discounted value of welfare but also about welfare dynamics, a permanent domestic reallocation of public spending might result in a virtuous global technological cycle.

This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption in a two-country model. The results show that a permanent increase in the domestic stock of public capital financed by a reduction in public consumption raises domestic welfare if the productivity of public capital is high and the weight of public consumption in private utility is low compared with private consumption. The effect on foreign welfare is negative in the short run, but positive in the long run. This implies that, if foreign authorities care not only about the present discounted value of welfare but also about welfare dynamics, a permanent domestic reallocation of public spending might result in a virtuous global technological cycle.

This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption. From the modeling point of view, the paper augments a standard New Open Economy Macroeconomics (NOEM) model by introducing productive public infrastructures. The results show that a temporary increase in the domestic stock of public capital financed by a reduction in public consumption reduces domestic welfare in the short run because the temporary gains from higher productivity do not compensa

Article deals with basic features of current system of consumption and its incompatibility with the principles of sustainable development. The analyses argues for necessity of forming the new model of consumption, proposes its principles aimed to achieving balanced economic, social and environmental development.

According to a standard argument, higher income inequality fosters redistributive activities of the government in favor of the median income earner. This paper shows that if redistribution is achieved by a public provision of goods and services rather than by transfers, higher income inequality may imply a smaller size of the government in majority voting equilibrium. In addition to a static voting model, an endogenous growth model is analyzed to examine the role of saving decisions of heterogeneous individuals for both the distributional incidence of proportional factor income taxes and the voting outcome.

According to a standard argument, higher income inequality fosters redistributive activities of the government in favor of the median income earner. This paper shows that if redistribution is achieved by public provision of goods & services rather than by transfers, higher income inequality may imply a smaller size of the government in majority voting equilibrium. In addition to a static voting model, an endogenous growth model is analyzed to examine how saving decisions of heterogeneous individuals affect both the distributional incidence of proportional factor income taxes & the voting outcome. 1 Figure, 2 Appendixes, 41 References. Adapted from the source document.