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https://irlib.pccu.edu.tw/handle/987654321/29227
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| 題名: | Money, random matching and endogenous growth: A quantitative analysis |
| 作者: | Chu, Angus C.
Kan, Kamhon
Lai, Ching-Chong
Liao, Chih-Hsing |
| 貢獻者: | 經濟學系 |
| 關鍵詞: | Economic growth
Inflation
Money
Random matching |
| 日期: | 2014-04 |
| 上傳時間: | 2015-01-27 11:04:59 (UTC+8) |
| 摘要: | In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which inflation affects economic growth in the search-and-matching model is different from the traditional cash-in-advance model. To facilitate the calibration, we obtain an empirical estimate of the effects of inflation on economic growth using panel regressions. In the simulation analysis, we quantitatively evaluate the welfare effect of inflation in the search-and-matching endogenous growth model and compare it to a search-and-matching exogenous growth model. We find that the welfare effect of inflation is nonlinear in the endogenous growth model whereas it is linear in the exogenous growth model. Furthermore, we find that the welfare cost of inflation under endogenous growth is up to four times as large as the welfare cost of inflation under exogenous growth. (C) 2014 Elsevier B.V. All rights reserved. |
| 關聯: | JOURNAL OF ECONOMIC DYNAMICS & CONTROL 卷: 41 頁碼: 173-187 |
| 顯示於類別: | [經濟學系暨經濟學系碩博士班] 期刊論文
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