當政府面臨經濟衰退的問題時，經常透過政府投資增加以興建基礎建設，進而改善總體經濟。雖然有許多學者探討政府投資對總體經濟的影響，但大部分探討政府投資的文獻及報告中並沒有加入維修營運費用。本篇論文簡化Chang et al. (2018) 模型以動態隨機一般均衡模型(DSGE) 建立一個封閉經濟體，探討有無加入此費用之乘數效果差距。研究結果顯示，長期而言，政府投資加入維修營運費用的產出乘數效果低於沒有加入此費用的產出乘數效果66%。當維修營運費用不足時給定一個政府投資衝擊，會使整體產出下降，表示若政府將預算投入於基礎建設，但並沒有規劃足夠的維修營運費用時，政府高估其投資對總體經濟的影響。

Public investment is often used as a fiscal policy tool to counteract economic recessions or to promote growth. Most literature on assessing public investment effects, however, ignores operation and maintenance (O&M) costs when computing government spending multliers. This paper follows Chang et al. (2018) to examine the role of O&M costs in the macroeconomic effects of public investment. It finds that when O&M costs are accounted for the long-run cumulative output multiplier is 66% lower than that without including O&M costs. Also, insufficient O&M spending drives up the depreciation rate of public capital, which can substantially undermines the growth effects of public investment.

口試委員會審定書. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
摘要. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii
第1 章緒論. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
第2 章文獻回顧. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
第3 章基準模型. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3.1 家計單位. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3.2 廠商. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3.3 政府. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
3.4 市場總合與市場結清. . . . . . . . . . . . . . . . . . . . . . . . . . . 12
第4 章參數設定與模型解. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
第5 章模型分析. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
5.1 政府投資占國民生產毛額衝擊之分析. . . . . . . . . . . . . . . . . . 15
5.2 O&M 費用不足時政府投資衝擊之分析. . . . . . . . . . . . . . . . . 17
5.3 比較不同政府資本產出彈性之乘數效果. . . . . . . . . . . . . . . . . 19
第6 章結論. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
參考文獻. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
附錄. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
A.1 最適化條件. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
A.2 穩定條件. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
A.3 線性化方程式. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

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