REALLOCATION EFFECTS OF MONETARY POLICY

Daisuke Miyakawa, Koki Oikawa*, Kozo Ueda

*この研究の対応する著者

研究成果: Article査読

抄録

We construct a model that introduces nominal rigidity into R&D-driven endogenous growth with heterogeneous firms. The model shows that high nominal growth leads to an increase in the market share of innovative firms as menu-cost burdens are relatively heavier for less innovative firms. This reallocation effect yields a positive effect of monetary expansion on both real growth and welfare. The optimal nominal growth can be strictly positive even under nominal rigidity. Moreover, menu costs can improve welfare. Japanese firm-level data are consistent with the model implication in that under higher inflation, large firms grow faster than small firms.

本文言語English
ジャーナルInternational Economic Review
DOI
出版ステータスAccepted/In press - 2021

ASJC Scopus subject areas

  • 経済学、計量経済学

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