学术沙龙
分享主题/论文:
Inflation and economic growth in a Schumpeterian model with endogenous entry of heterogeneous firms
主讲人/分享人:
孙敏娴
(创新发展学院中国经济与管理研究院在读博士)
主持人/点评老师:
王忏
(金融学院)
赵军柱
(创新发展学院中国经济与管理研究院)
项目介绍/论文介绍:
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.
活动对象
创新发展学院本科生、研究生
人数规模
30人
时间:
2023年02月19日(周日)
下午2:00-4:00
地点:
中关村资本大厦511
中关村资本大厦
北京市海淀区学院南路62号
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