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近期重要研究成果

A Tale of Two Growth Engines: Interactive Effects of Monetary Policy and Intellectual Property Rights (with Angus C. Chu and Chih-Hsing Liao, accepted in JOURNAL OF MONEY, CREDIT, & BANKING)

  • 作者 賴景昌
  • 摘要 How do intellectual property rights that determine the market power of firms influence the effects of monetary policy? In a hybrid endogenous growth model in which R&D and capital accumulation are both engines of long-run economic growth, we find that monetary expansion hurts economic growth and social welfare by reducing R&D and capital accumulation. Furthermore, a larger market power of firms strengthens (weakens) these effects through the R&D (capital-accumulation) channel. Finally, we calibrate the model using data in the US and Euro Area to simulate the welfare cost of inflation and find that the R&D channel dominates in both economies.
  • 連結 https://mpra.ub.uni-muenchen.de/88565/1/MPRA_paper_88565.pdf(另開新視窗)
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