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, published in JOURNAL OF MONEY, CREDIT and BANKING)

作者 朱智豪
賴景昌
廖志興
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.