کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5066289 1476770 2017 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Inflation and economic growth in a Schumpeterian model with endogenous entry of heterogeneous firms
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Inflation and economic growth in a Schumpeterian model with endogenous entry of heterogeneous firms
چکیده انگلیسی

This study develops a Schumpeterian 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.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 98, September 2017, Pages 392-409
نویسندگان
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