R&D AND ECONOMIC GROWTH IN A CASH-IN-ADVANCE ECONOMY

被引：85
作者：
Chu, Angus C.
Cozzi, Guido
机构：
[1] Univ Liverpool, Liverpool L69 3BX, Merseyside, England
[2] Univ St Gallen, St Gallen, Switzerland
来源：
INTERNATIONAL ECONOMIC REVIEW | 2014年 / 55卷 / 02期
关键词：
ENDOGENOUS GROWTH; FRIEDMAN RULE; PATENT LENGTH; WELFARE COST; MONEY; INFLATION; CONSTRAINTS; INVESTMENT; LIQUIDITY; POLICY;
D O I：
10.1111/iere.12059
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
R&D investment has well-known liquidity problems, with potentially important consequences. In this study, we analyze the effects of monetary policy on economic growth and social welfare in a Schumpeterian growth model with cash-in-advance (CIA) constraints on R&D investment, consumption, and manufacturing. Our main results can be summarized as follows. Under the CIA constraints on R&D and consumption (the CIA constraint on manufacturing), an increase in the nominal interest rate decreases (increases) R&D and economic growth. We also analyze the optimality of Friedman rule and find that Friedman rule can be suboptimal due to a unique feature of the Schumpeterian model.
引用
收藏
页码：507 / 524
页数：18
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