Liquidity, innovation and growth
成果类型：
Article
署名作者：
Berentsen, Aleksander; Breu, Mariana Rojas; Shi, Shouyong
署名单位：
University of Basel; Universite PSL; Universite Paris-Dauphine; University of Toronto
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.005
发表日期：
2012
页码：
721-737
关键词：
摘要：
Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the financial sector. A novel feature is that the innovation sector is decentralized. Financial intermediaries arise endogenously to provide liquidity to this sector. Consistent with the data but in contrast to previous work, reducing inflation generates large growth gains. These large gains cannot be easily reproduced by imposing a cash-in-advance constraint in the innovation sector. (C) 2012 Elsevier B.V. All rights reserved.
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