REALLOCATION EFFECTS OF MONETARY POLICY
نویسندگان
چکیده
We construct a model that introduces nominal rigidity into R&D-driven endogenous growth with heterogeneous firms. The shows high leads to an increase in the market share of innovative firms as menu-cost burdens are relatively heavier for less This reallocation effect yields positive monetary expansion on both real and welfare. optimal can be strictly even under rigidity. Moreover, menu costs improve Japanese firm-level data consistent implication higher inflation, large grow faster than small
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2021
ISSN: ['1468-2354', '0020-6598']
DOI: https://doi.org/10.1111/iere.12558