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作者：Espinosa-Vega, VA; Yip, CK
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Chinese University of Hong Kong
摘要：This paper presents a framework that can help reconcile conflicting findings in the growth-inflation literature. Here, the behavior of financial intermediaries plays a crucial role in the determination of the economy's inflation and real growth rates. Absent any restrictions on financial intermediation, there will be a unique equilibrium when agents are fairly risk averse. In this case, an increase in seigniorage-financed government spending will always be inflationary and detrimental to growt...
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作者：Eaton, J; Kortum, S
作者单位：Boston University; National Bureau of Economic Research
摘要：We model the invention of new technologies and their diffusion across countries. In our model all countries grow at the same steady-state rate, with each country's productivity ranking determined by how rapidly it adopts ideas. Research effort is determined by how much ideas earn at home and abroad. Patents affect the return to ideas. We relate the decision to patent an invention internationally to the cost of patenting in a country and to the expected value of patent protection in that countr...
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作者：Segerstrom, PS; Zolnierek, JM
作者单位：Michigan State University
摘要：This paper presents a model to explain why industry leader firms often devote substantial resources to R&D activities and explores the welfare implications of this investment. The key new assumption is that industry leaders can improve their own products more easily than can other firms. When industry leaders have R&D cost advantages, it is optimal for the government to subsidize the R&D expenditures of all firms, subsidize the production expenditures of industry leaders, and tax the profits o...
