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Autoren: 
Maeda, Daiki
Saito, Yuki
Datum: 
2020
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 1076
Zusammenfassung: 
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.
Schlagwörter: 
Capital accumulation
CIA constraint
Endogenous growth
Monetary policy
R&D
JEL: 
E52
O31
O40
Dokumentart: 
Working Paper

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