| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 967171 | Journal of Monetary Economics | 2012 | 17 Pages |
Abstract
⺠We integrate a microfounded model of money into a model of endogenous growth. ⺠Innovators are matched randomly and bilaterally. ⺠Consistent with the data, reducing inflation generates large growth gains. ⺠These large gains are caused by the search frictions in the innovation process. ⺠They cannot be reproduced by imposing a CIA-constraint in the innovation sector.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Aleksander Berentsen, Mariana Rojas Breu, Shouyong Shi,