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| 題名: | Inflation and economic growth in a Schumpeterian model with endogenous entry of heterogeneous firms |
| 作者: | Chu, AC (Chu, Angus C.)
Cozzi, G (Cozzi, Guido)
Furukawa, Y (Furukawa, Yuichi)
Liao, CH (Liao, Chih-Hsing) |
| 貢獻者: | 經濟系 |
| 關鍵詞: | Monetary policy
Inflation
Economic growth
Heterogeneous firms |
| 日期: | 2017-09 |
| 上傳時間: | 2018-01-26 10:57:40 (UTC+8) |
| 摘要: | This study develops a Schurfipeterian growth model with endogenous entry of heterogeneous firms to analyze the effects of monetary policy on economic growth via a cash-in advance constraint on R&D investment. Our results can be summarized as follows. In the special case of a zero entry cost, an increase in the nominal interest rate decreases R&D, the arrival rate of innovations and economic growth as in previous studies. However, in the general case of a positive entry cost, an increase in the nominal interest rate affects the distribution of innovations that are implemented and would have an inverted-U effect on economic growth if the entry cost is sufficiently large. We also calibrate the model to aggregate data of the US economy and find that the growth-maximizing inflation rate is about 3%, which is consistent with recent empirical estimates. Finally, we also explore the welfare effects of inflation and consider a number of extensions to the benchmark model. (C) 2017 Elsevier B.V. All rights reserved. |
| 關聯: | EUROPEAN ECONOMIC REVIEW 卷: 98 頁碼: 392-409 |
| 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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