Effects of Monetary Policy in a Model with Cash-in-Advance Constraints on R&D and Capital  Accumulation

Maeda, Daiki; Saito, Yuki

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論文情報

タイトル	Effects of Monetary Policy in a Model with Cash-in-Advance Constraints on R&D and Capital Accumulation
著者	Maeda, Daiki Maeda, Daiki
著者	Saito, Yuki Saito, Yuki
キーワード等	Capital accumulation
	CIA constraint
	Endogenous growth
	Monetary policy
	R&D
内容	February 2020. Revised June 2020.
抄録	To examine the effect of monetary policy on economic growth, we formulate an endogenous growth model with cash-in-advance constraints on R&D and capital accumulation as endogenous growth engines. Within this framework, we show that the relationship between economic growth and the nominal interest rate can be an inverted-U shape. Moreover, we demonstrate that the welfare-maximizing level of the nominal interest rate is larger than the growth rate-maximizing level of the nominal interest rate.
公開者	The Institute of Social and Economic Research, Osaka University
更新日付	2020-06
掲載誌名	Institute of Social and Economic Research Discussion Papers
巻	1076
開始ページ	1
終了ページ	25
刊行年月	2020-06
URL	http://hdl.handle.net/11094/75906
関連情報 (references)	https://www.iser.osaka-u.ac.jp/library/dp/2020/DP1076R.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers.1076 P.1-P.24
DC.title	Effects of Monetary Policy in a Model with Cash-in-Advance Constraints on R&D and Capital Accumulation
DC.creator	Maeda, Daiki
DC.creator	Saito, Yuki
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2020-06
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/75906
DC.subject	Capital accumulation
	CIA constraint
	Endogenous growth
	Monetary policy
	R&D
DC.description	February 2020. Revised June 2020.
DCTERMS.abstract	To examine the effect of monetary policy on economic growth, we formulate an endogenous growth model with cash-in-advance constraints on R&D and capital accumulation as endogenous growth engines. Within this framework, we show that the relationship between economic growth and the nominal interest rate can be an inverted-U shape. Moreover, we demonstrate that the welfare-maximizing level of the nominal interest rate is larger than the growth rate-maximizing level of the nominal interest rate.
citation_title	Effects of Monetary Policy in a Model with Cash-in-Advance Constraints on R&D and Capital Accumulation
citation_author	Maeda, Daiki
citation_author	Saito, Yuki
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2020-06
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1076
citation_firstpage	1
citation_lastpage	25
citation_public_url	http://hdl.handle.net/11094/75906
citation_keywords	Capital accumulation
	CIA constraint
	Endogenous growth
	Monetary policy
	R&D

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