A Tale of Two Growth Engines: Interactive Effects of Monetary Policy and Intellectual Property Rights
A Tale of Two Growth Engines: Interactive Effects of Monetary Policy and Intellectual Property Rights
复制标题
两个增长引擎的故事：货币政策和知识产权的相互作用
DOI：
10.1111/jmcb.12561
复制
发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Chih
中科院分区：
文献类型：
--
作者：
A. Chu;Ching‐chong Lai;Chih
How do intellectual property rights that determine the market power of firms influence the effects of monetary policy on economic growth and social welfare? To analyze this question, we develop a monetary RD furthermore, a larger market power of firms strengthens these effects of monetary policy in the R&D model. In contrast, increasing the market power of firms dampens the effects of monetary policy in the AK model. In other words, the market power of firms has surprisingly opposite implications on the growth and welfare effects of monetary policy under the two growth engines (i.e., innovation versus capital accumulation). Finally, we simulate the transition dynamics of the R&D-based growth model to compute the complete welfare changes from reducing inflation.
