Inflation and Innovation in a Schumpeterian Economy with North–South Technology Transfer
研究了通货膨胀如何通过研发的现金先行约束影响创新和国际技术转移，发现南方通胀会永久减少技术转移并扩大南北工资差距，北方通胀则暂时降低创新率并缩小工资差距。
Abstract This study analyzes how inflation affects innovation and international technology transfer via cash‐in‐advance constraints on R&D. We consider a North–South quality‐ladder model that features innovative Northern R&D and adaptive Southern R&D. We find that higher Southern inflation causes a permanent decrease in technology transfer, a permanent increase in the North–South wage gap, and a temporary decrease in the Northern innovation rate. Higher Northern inflation causes a temporary decrease in the Northern innovation rate, a permanent decrease in the North–South wage gap, and ambiguous effects on technology transfer. Finally, we calibrate the model to China–U.S. data to perform a quantitative analysis.