This study offers a computable general equilibrium analysis of the $550 billion devoted to new infrastructure investment (new and remodeled physical infrastructure for transportation, information and public services) in the United States under the Infrastructure Investment and Jobs Act, a federal law signed by President Joseph Biden in November 2021. The simulations are based on the state-level distribution of funds and distinguish between the construction phase (short run) and the operational phase (long run). Gross domestic product (GDP) and labor demand react to the government spending stimulus after the first year by growing 0.24% and 0.44%, respectively. The gains derived from this investment plan are higher in the long term once investments increase the country’s capital stock; GDP increases by 1.39% and wages by 3.94%. This paper analyzes the efficiency of the current distribution of funds across sectors, and finds that the current distribution benefits the United States economy more. Even though a slightly higher GDP impact could have been reached (1.42%) if all the funds were devoted to transport services, the price increases would result in lower real wage increases.

本研究根据约瑟夫总统签署的联邦法律《基础设施投资和就业法案》，对美国新基础设施投资（用于交通、信息和公共服务的新建和改建的有形基础设施）的 5500 亿美元进行了可计算的一般均衡分析。拜登2021年11月。模拟基于州级资金分配，区分建设阶段（短期）和运营阶段（长期）。第一年后，国内生产总值 (GDP) 和劳动力需求对政府支出刺激措施分别增长了 0.24% 和 0.44%。从长远来看，一旦投资增加了国家的资本存量，该投资计划带来的收益就会更高；GDP增长1.39%，工资增长3.94%。本文分析了当前资金跨部门分配的效率，发现当前的分配更有利于美国经济。尽管如果所有资金都用于运输服务，GDP 的影响可能会稍高一些（1.42%），但价格上涨将导致实际工资增幅下降。