Inflation and Innovation-Driven Growth
This paper analyzes the interaction between inflation and the long-run levels of employment and output growth in a Schumpeterian growth model with quality improving innovations under nominal price rigidity. At the unique REE steady state equilibrium, both employment and growth are hump-shaped functions of money growth peaking at positive inflation rates.
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Volume (Year): 10 (2010)
Issue (Month): 1 (August)
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