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Macroeconomic effects of cost savings in public procurement
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Macroeconomic effects of cost savings in public procurement
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The paper analyses the macroeconomic gain from cost savings in public procurement in an extended version of the QUEST III macroeconomic model. Lower labour tax rates as response to cost savings from cheaper procurement (0.5 pp mark-up decline per year over 10 years and 20% of procurement) raise GDP, employment and consumption by 0.1% after 5 and 0.1-0.2% after 50 years. Alternative policies, such
as lower capital taxes or higher public investment, have comparable or stronger long-run GDP effects, lower or comparable consumption effects, and zero employment effects; the supply expansion under lower capital taxes and higher public investment derives from additional investment. Macroeconomic benefits are approximately linear in the amount of cost savings. The gains depend on key parameters, such as the elasticity of labour supply or the productivity of public capital.
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Published:
2013-09-27
Corporate author(s):
Directorate-General for Economic and Financial Affairs
(
European Commission
)
Personal author(s):
Vogel, Lukas
Themes:
Economic policy — Economic and monetary union
Subject:
economic aggregate
,
macroeconomics
,
public contract
,
public investment
,
savings
,
tax system
PDF
ISSN
1725-3187
ISBN
978-92-79-13364-0
DOI
10.2765/29810
Catalogue number
KC-AI-09-389-EN-N
PDF
ISSN
1725-3187
ISBN
978-92-79-13364-0
DOI
10.2765/29810
Catalogue number
KC-AI-09-389-EN-N
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