在考慮廠商生產力異質性及公共基礎設施有助於廠商生產的假設下，我們利用一個三國隨機動態一般均衡模型去分析兩國競爭外人直接投資的情況。兩國藉由提供公共基礎設施、減少稅收或向外國投資者提供補貼等來爭奪外國直接投資。我們發現，如果政府經由提高勞動所得稅、進口關稅或減少政府消費爲公共投資支出提供資金，則公共基礎設施的增加將吸引更多的外國直接投資。公共基礎設施的增加也提高了國內生產，並導致實質匯率升值和貿易條件惡化。但是，公共基礎設施的增加導致相對較高的國內勞動力成本，從而阻礙了外國直接投資並降低了吸引外國直接投資的政策效果。降低公司稅率是吸引外國直接投資的另一種有效方法。但是，如果公共基礎設施隨著公司稅率的降低而減少，則公司稅率的降低無法有效吸引外來投資。最後，無論地主國政府採取何種政策吸引外國直接投資，地主國的永久性放鬆管制都會改善社會福利。

Using heterogeneous firms and public infrastructure assumptions, this study explores the consequences of FDI competition between two countries in a three-country DSGE model. Two countries compete for FDI by providing public infrastructure, reducing taxes, or offering subsidies to foreign investors. We find that an increase in public infrastructure attracts more FDI if the government finances the public investment expenditures via labor income tax hikes, import tariffs, or government consumption reductions. Increasing public infrastructure also increases domestic production and results in an appreciation in the real exchange rate and a deterioration in terms of trade. However, the increase in public infrastructure results in a higher relative domestic labor cost, impeding foreign FDI and reducing the effect of the policies that attract FDI. Reducing the corporate tax rate is another effective way to draw FDI. However, corporate tax reductions do not work if the public infrastructure decreases along with the reduction of the corporate tax rate. Finally, permanent deregulation in the host country improves social welfare regardless of the policies that the host government uses to attract FDI.