Monetary Policy in a Schumpeterian Growth Model with Vertical R&D Sectors
研究了在上下游部门研发投资受现金约束的熊彼特经济中，货币政策对增长和福利的影响，发现名义利率与增长呈倒U型关系，且弗里德曼规则可能非最优。
Abstract We explore the growth and welfare effects of monetary policy in a Schumpeterian economy with cash‐in‐advance (CIA)‐constrained research and development (R&D) investment in both the upstream and downstream sectors. We show that the nominal interest rate can have an inverted‐U relation with economic growth due to its effects on labor allocations between manufacturing and R&D and between the R&D sectors. Furthermore, aggregate R&D overinvestment is generally sufficient but not necessary for the Friedman rule of zero nominal interest rates to be suboptimal. Calibrated using data from U.S. manufacturing firms, our model features a positive welfare‐maximizing nominal interest rate despite aggregate R&D underinvestment.