Inflation, R&D and growth in an open economy

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题名:	Inflation, R&D and growth in an open economy
作者:	Chu, Angus C. Cozzi, Guido Lai, Ching-Chong Liao, Chih-Hsing
贡献者:	Dept Econ
关键词:	Inflation Economic growth R&D Trade in intermediate goods
日期:	2015-07
上传时间:	2015-10-20 16:44:17 (UTC+8)
摘要:	This study explores the long-run effects of inflation in a two-country Schumpeterian growth model with cash-in-advance constraints on consumption and R&D investment. We find that increasing domestic inflation reduces domestic R&D investment and the growth rate of domestic technology. Given that economic growth in a country depends on both domestic and foreign technologies, increasing foreign inflation also affects the domestic economy. When each government conducts its monetary policy unilaterally to maximize the welfare of domestic households, the Nash-equilibrium inflation rates are generally higher than the optimal inflation rates chosen by cooperative governments who maximize the welfare of both domestic and foreign households. Under the CIA constraint on R&D (consumption), a larger market power of firms amplifies (mitigates) this inflationary bias. We use cross-country panel data to estimate the effects of inflation on R&D and also calibrate the two-country model to data in the Euro Area and the US to quantify the welfare effects of decreasing the inflation rates from the Nash equilibrium to the optimal level. (C) 2015 Elsevier B.V. All rights reserved.
關聯:	JOURNAL OF INTERNATIONAL ECONOMICS 卷: 96 期: 2 頁碼: 360-374
显示于类别:	[經濟學系暨經濟學系碩博士班] 期刊論文

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