We investigate the relationship between public capital spending and population movements at the state level. We document that gross mobility is positively correlated with capital spending across states and over time within states. We introduce an explicit, dynamic quantitative model of government spending determination, where gross mobility and population growth generate departures from Ricardian equivalence by shifting some costs and benefits of public projects to future state residents. The model is able to account for a large fraction of the correlation in the data.

中文翻译：

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美国的流动性、人口增长和公共资本支出

我们调查了州一级公共资本支出与人口流动之间的关系。我们记录了总流动性与跨州和随着时间的推移在州内的资本支出呈正相关。我们引入了一个明确的、动态的政府支出决定定量模型，其中通过将公共项目的一些成本和收益转移给未来的州居民，总流动性和人口增长产生了对李嘉图等价的背离。该模型能够解释数据中的大部分相关性。