中文摘要：

这篇论文雇用扩大到能解开的递归的用途功能的盒子的一个随机的内长的生长模特儿内部从风险厌恶的时间的替换到分析生产政府开销和最佳的财政政策，特别地强调因素收入的重要性。首先，中央规划者的随机的优化问题的明确的答案被导出，最大化生长、最大化福利的政府开销政策被获得，他们站在冲突或巧合看情况 uponintertemporal 替换。第二，允许到的代表性的 individual'sstochastic 优化问题的明确的答案独立在资本上对收入和劳动收入征税被导出，并且生长上的风险的效果关键地取决于风险厌恶的度，这被发现，内部替换和大写的收入份额的时间的弹性。最后，能是的一条灵活的最佳的税政策内部适应了某个程度被导出，并且因素收入的分发在设计最佳的税政策起一个重要作用，这被发现。

英文摘要：

This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expenditure and optimal fiscal policy, particularly stresses the importance of factor income. First, the explicit solutions of the central planner＇s stochastic optimization problem are derived, the growth maximizing and welfare-maximizing government expenditure policies are obtained and their standing in conflict or coincidence depends upon intertemporal substitution. Second, the explicit solutions of the representative individual＇s stochastic optimization problem which permits to tax on capital income and labor income separately are derived ,and it is found that the effect of risk on growth crucially depends on the degree of risk aversion,the intertemporal elasticity of substitution and the capital income share. Finally, a flexible optimal tax policy which can be internally adjusted to a certain extent is derived, and it is found that the distribution of factor income plays an important role in designing the optimal tax policy.