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Autoren: 
Weber, Henning
Datum: 
2015
Reihe/Nr.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2015: Ökonomische Entwicklung - Theorie und Politik - Session: Monetary policy A04-V2
Zusammenfassung: 
Empirical data suggest that new rms tend to grow faster than incumbent firms in terms of their productivity. A sticky-price model with learning-by-doing in new firms fits this data and predicts that for plausible calibrations, the optimal long-run inflation rate is positive and between 0.5% and 1.5% per year. A positive long-run inflation rate helps the fast-growing new firms to align their real price with their idiosyncratic productivity growth. In contrast, the standard sticky-price model without learning-by-doing in new firms predicts an optimal long-run inflation rate near zero. In a two-sector model with learning-by-doing in new firms, the policy tradeoff that arises between new and incumbent firms is considerably more severe than the policy tradeoff that arises between economic sectors.
JEL: 
E52
E61
E31
Dokumentart: 
Conference Paper
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