REALLOCATION EFFECTS OF MONETARY POLICY

• 成果类型: Article
• 署名作者: Miyakawa, Daisuke; Oikawa, Koki; Ueda, Kozo
• 署名单位: Hitotsubashi University; Waseda University; Waseda University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12558
• 发表日期: 2022
• 页码: 947-975
• 关键词: schumpeterian model; multiproduct firms; size distribution; ECONOMIC-GROWTH; menu costs; inflation; entry; PRODUCTIVITY; INNOVATION; EXIT

摘要

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.