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政大典藏 > College of Social Science > Department of Economics > Periodical Articles > Item 140.119/78264

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78264

Title:	Inflation, R&D and growth in an open economy
Authors:	Chu, Angus C.;Cozzi, Guido;Lai, Ching-Chong;Liao, Chih-Hsing 賴景昌
Contributors:	經濟系
Keywords:	Inflation;Economic growth;R&D;Trade in intermediate goods
Date:	2015-07
Issue Date:	2015-09-03 16:59:26 (UTC+8)
Abstract:	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.
Relation:	Journal of International Economics, 96(2), 360-374
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.jinteco.2015.03.007
DOI:	10.1016/j.jinteco.2015.03.007
Appears in Collections:	[Department of Economics] Periodical Articles

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