Endogenous Growth and Real Effects of Monetary Policy: R&D and Physical Capital Complementarities
研究货币政策立场和通货膨胀对经济增长率、实际利率、投资率等实际变量的长期影响，模型考虑研发与物质资本积累的互补性，并提供了跨国实证证据。
Abstract We study the real long‐run effects of the structural stance of monetary policy and of inflation, in the context of a monetary growth model where R&D is complemented with physical capital accumulation. We look into the effects on a set of real macroeconomic variables that have been of interest to policymakers—the economic growth rate, real interest rate, physical investment rate, capital‐to‐labor ratio, R&D intensity, and velocity of money. These variables have been previously analyzed from the perspective of different, separated, strands of the theoretical and empirical literature. Additionally, we analyze the long‐run relationship between inflation and both the effectiveness of real industrial‐policy shocks and the market structure, assessed namely by average firm size. We present novel cross‐country evidence on the empirical relationship between the latter and long‐run inflation.