2017 Fiscal Year Final Research Report
Qualitative and Quantitative Analysis on the Effects of Monetary Policy on Economic Growth
| Project/Area Number |
26780126
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic theory
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| Research Institution | Chukyo University |
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Principal Investigator |
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| Research Collaborator |
Chu Angus C. 復旦大学, 経済学部, 教授
Cozzi Guido ザンクトガレン大学, 経済学部, 教授
Lai Tat-kei IESEG経営大学, 経済定量分析学部, 准教授
Liao Chih-Hsing 中国文化大学, 経済学部, 准教授
Carre-Tallon Martine パリドフィーヌ大学, 経済学部, 教授
SATO Kenji 大阪府立大学, 経済学部, 准教授 (60634227)
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Keywords | 金融政策 / イノベーション / 経済成長 / 定性・定量分析 / 国際共同研究（スイス、フランス、中国、台湾） |
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| Outline of Final Research Achievements |
The present project investigates the long-run effects of inflation on innovation, economic growth, and welfare from various viewpoints. One of the most important findings is in a paper published at European Economic Review in 2017. The paper 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. It shows in the 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.
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| Free Research Field |
マクロ経済学
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