REALLOCATION EFFECTS OF MONETARY POLICY
REALLOCATION EFFECTS OF MONETARY POLICY
复制标题
货币政策的重新分配效应
DOI：
10.1111/iere.12558
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发表时间：
2022
影响因子：
1.5
通讯作者：
Ueda Kozo
中科院分区：
文献类型：
--
作者：
Miyakawa Daisuke;Oikawa Koki;Ueda Kozo
我们构建了一个模型，引入名义刚性R&D驱动的内生增长与异质性企业。该模型表明，高名义增长导致创新企业的市场份额增加，因为菜单成本负担相对较重的创新企业。这种再分配效应产生了货币扩张对真实的增长和福利的积极影响。即使在名义刚性下，最优名义增长也可以是严格正的。此外，菜单成本可以改善福利。日本企业层面的数据与模型的含义一致，即在较高的通货膨胀率下，大企业比小企业增长更快。
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.