REALLOCATION EFFECTS OF MONETARY POLICY
构建了一个包含名义刚性和异质性企业的内生增长模型，发现高名义增长通过菜单成本将市场份额从低创新企业转向高创新企业，从而促进实际增长和福利，且最优名义增长可为正。
Abstract 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.