Liquidity, innovation and growth

被引：19

作者：

Berentsen, Aleksander ^{[1
,2
]}

Breu, Mariana Rojas ^{[3
]}

Shi, Shouyong ^{[4
]}

机构：

[1] Univ Basel, Dept Econ, CH-4003 Basel, Switzerland

[2] FRB St Louis, St Louis, MO USA

[3] Univ Paris 09, Dept Econ, F-75775 Paris 16, France

[4] Univ Toronto, Dept Econ, Toronto, ON M5S 1A1, Canada

来源：

JOURNAL OF MONETARY ECONOMICS | 2012年 / 59卷 / 08期

关键词：

RESEARCH-AND-DEVELOPMENT; CORPORATE LIQUIDITY; ECONOMIC-GROWTH; CASH HOLDINGS; WELFARE COST; LONG-RUN; INFLATION; MONEY; FINANCE; MODEL;

D O I：

10.1016/j.jmoneco.2012.10.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the financial sector. A novel feature is that the innovation sector is decentralized. Financial intermediaries arise endogenously to provide liquidity to this sector. Consistent with the data but in contrast to previous work, reducing inflation generates large growth gains. These large gains cannot be easily reproduced by imposing a cash-in-advance constraint in the innovation sector. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：721 / 737

页数：17

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