Innovation and inequality in a monetary Schumpeterian model with heterogeneous households and firms

Angus C. Chu, Guido Cozzi, Haichao Fan, Yuichi Furukawa, Chih Hsing Liao

研究成果: 雜誌貢獻期刊論文同行評審

13 引文 斯高帕斯(Scopus)

摘要

This study develops a monetary Schumpeterian growth model with heterogeneous households and heterogeneous firms to explore the effects of inflation on innovation and income inequality. Household heterogeneity arises from an unequal distribution of wealth. Firm heterogeneity arises from random quality improvements. Under endogenous firm entry, inflation has an inverted-U effect on economic growth and income inequality. Calibrating the model for a quantitative analysis, we find that the model can match the growth-maximizing and inequality-maximizing inflation rates that are estimated using cross-country panel data. Finally, we simulate the utility-maximizing inflation rate and explore how it is affected by relative household wealth.

原文???core.languages.en_GB???
頁(從 - 到)141-164
頁數24
期刊Review of Economic Dynamics
34
DOIs
出版狀態已出版 - 10月 2019

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