Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model
Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model
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货币政策、金融摩擦和异质 R
DOI：
10.1111/sjoe.12387
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发表时间：
2020
影响因子：
1.1
通讯作者：
Takeo Hori
中科院分区：
文献类型：
--
作者：
Been-Lon Chen;Yunfang Hu;Kazuo Mino;T. Ibaraki and Y. Takeuchi;Mitsuo Inada;Takeo Hori
基于经验事实，本文构建了一个异质性研发企业在财务约束下使用现金进行研发投资的内生增长模型。最后，我们还讨论了最优货币政策。融资约束的影响主要取决于R &D企业的R&D生产率是同质的还是异质的。如果研发公司是同质的，那么零名义利率（即，弗里德曼规则）在严格的财务约束下总是最优的。R&D生产率的异质性导致相反的结果。在异质性条件下，严重的金融约束使得严格正的名义利率福利在合理的条件下得到改善。
Motivated by empirical facts, I construct an endogenous growth model in which heterogeneous research and development (R&D) firms are financially constrained and use cash to finance R&D investments. I also examine the optimal monetary policy. The effects of financial constraint crucially depend on whether R&D firms are homogeneous or heterogeneous regarding R&D productivity. If R&D firms are homogeneous, then the zero nominal interest rate (i.e., the Friedman rule) is always optimal under severe financial constraint. Heterogeneity in R&D productivity leads to the opposite result. With heterogeneity, severe financial constraint makes the strictly positive nominal interest rate welfare‐improving under a plausible condition.