Liquidity, innovation and growth
Abstract
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.Download Info
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Paper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 441.Length:
Date of creation: Sep 2009
Date of revision: Oct 2012
Handle: RePEc:zur:iewwpx:441
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Keywords: Inflation; growth; search; innovation; credit;Other versions of this item:
- Berentsen, Aleksander & Rojas Breu, Mariana & Shi, Shouyong, 2012. "Liquidity, innovation and growth," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 721-737.
- Shouyong, Shi & Berentsen, Aleksander & Rojas Breu, Mariana, 2012. "Liquidity, Innovation and Growth," Open Access publications from Université Paris-Dauphine urn:hdl:123456789/7354, Université Paris-Dauphine.
- Aleksander Berentsen & Mariana Rojas Breu & Shouyong Shi, 2009. "Liquidity, Innovation and Growth," Working Papers tecipa-371, University of Toronto, Department of Economics.
- Aleksander Berentsen & Mariana Rojas Breu & Shouyong Shi, 2012. "Liquidity, Innovation and Growth," Working Papers tecipa-467, University of Toronto, Department of Economics.
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-03 (All new papers)
- NEP-CBA-2009-10-03 (Central Banking)
- NEP-DEV-2009-10-03 (Development)
- NEP-DGE-2009-10-03 (Dynamic General Equilibrium)
- NEP-FDG-2009-10-03 (Financial Development & Growth)
- NEP-INO-2009-10-03 (Innovation)
- NEP-MIC-2009-10-03 (Microeconomics)
- NEP-MON-2009-10-03 (Monetary Economics)
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Citations
Blog mentions
As found by EconAcademics.org, the blog aggregator for Economics research:- Liquidity, Innovation and Growth
by Christian Zimmermann in NEP-DGE blog on 2009-10-11 03:08:02
Cited by:
- Chu, Angus C. & Cozzi, Guido, 2012.
"R&D and economic growth in a cash-in-advance economy,"
MPRA Paper
39778, University Library of Munich, Germany.
- Chu, Angus C. & Cozzi, Guido, 2013. "R&D and Economic Growth in a Cash-in-Advance Economy," Economics Working Paper Series 1308, University of St. Gallen, School of Economics and Political Science.
- Jonathan Chiu & Cesaire Meh & Randall Wright, 2011.
"Innovation and growth with financial, and other, frictions,"
Working Papers
688, Federal Reserve Bank of Minneapolis.
- Jonathan Chiu & Cesaire Meh & Randall Wright, 2011. "Innovation and Growth with Financial, and other, Frictions," NBER Working Papers 17512, National Bureau of Economic Research, Inc.
- Jonathan Chiu & Césaire Meh & Randall Wright, 2011. "Innovation and Growth with Financial, and Other, Frictions," Working Papers 11-25, Bank of Canada.
- Jonathan Chiu & Cesaire Meh & Randall Wright, 2013. "Innovation and growth with financial, and other, frictions," CQER Working Paper 2013-01, Federal Reserve Bank of Atlanta.
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