学术沙龙

分享论文：

Inflation and economic growth in a Schumpeterian model with endogenous entry of heterogeneous firms

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：

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）

论文摘要：

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26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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