A Tale of Two Growth Engines: Interactive Effects of Monetary Policy and Intellectual Property Rights
研究了决定企业市场力量的知识产权如何影响货币政策的增长和福利效应，发现货币扩张通过抑制研发和资本积累损害增长与福利，而企业市场力量通过不同渠道放大或削弱这些效应。
Abstract How do intellectual property rights that determine the market power of firms influence the growth and welfare effects of monetary policy? To analyze this question, we develop a monetary hybrid endogenous growth model in which R&D and capital accumulation are both engines of long‐run economic growth. We find that monetary expansion hurts economic growth and social welfare by reducing R&D and capital accumulation. Furthermore, a larger market power of firms strengthens these growth and welfare effects of monetary policy through the R&D channel but weakens these effects through the capital‐accumulation channel. Therefore, whether the market power of firms amplifies or mitigates the welfare cost of inflation depends on the relative importance of the two growth engines. Finally, we calibrate the model using data in the United States and the Euro Area to quantitatively evaluate and compare the welfare cost of inflation in these two economies and find that the R&D channel dominates in both economies.