public expenditure and growth

analysis average benefits bias capital formation Colombia conditional cash transfer consider consumption volatility cost of public cost of volatility developing countries Economic Review effect efficiency frontier elasticity of output estimates et.al Fatas-Mihov Figure Fiscal Policy Volatility growth champions growth rate Harberger Hence Herrera and Pang heterogeneity household consumption human capital Hurlin impact evaluation impact of public impact on GDP income increase infrastructure input macro marginal cost Mihov Mimeo OECD optimism bias outcomes Output and Consumption output volatility output with respect Paper Series WPS parameter percent physical capital policymaker production possibility frontier productive expenditure public capital public expenditure public funds public investment public projects public spending quality of education rate of return ratio Ravallion regression return of public returns to scale risk aversion sample shows spending on growth Table taxation technical efficiency variables welfare cost Wincoop WoBmann World Bank