On the nonlinear relationship between inflation and growth: A theoretical exposition

被引：40

作者：

Arawatari, Ryo ^{[1
]}

Hori, Takeo ^{[2
]}

Mino, Kazuo ^{[3
]}

机构：

[1] Nagoya Univ, Nagoya, Aichi, Japan

[2] Tokyo Inst Technol, Tokyo, Japan

[3] Doshisha Univ, Kyoto, Japan

来源：

JOURNAL OF MONETARY ECONOMICS | 2018年 / 94卷

关键词：

Endogenous growth; Cash-in-advance constraints; Heterogeneous agents; Nonlinear relationship; RESEARCH-AND-DEVELOPMENT; ECONOMIC-GROWTH; MONEY; MODEL; WELFARE; FINANCE; ENTRY; PANEL;

D O I：

10.1016/j.jmoneco.2017.12.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The relationship between inflation and growth is examined in an R&D-based model of endogenous growth in which the R&D abilities of agents are heterogeneous. We analytically demonstrate that if the distribution of ability has a fat and long tail, the relationship between inflation and growth becomes nonlinear; the negative relationship between inflation and growth is weaker in the heterogeneous ability economy than it is in the homogeneous ability economy for low inflation, whereas the opposite outcome holds for high inflation. Our numerical example shows that this nonlinear relationship between inflation and growth holds under plausible parameter values. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：79 / 93

页数：15

共 43 条

[31] Firm entry, markups and the monetary transmission mechanism [J].