文章基本信息

标题：R & D-Based Growth Model with Nominal Wage Stickiness
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作者：Shunsuke Shinagawa ; Tomohiro Inoue
期刊名称：Theoretical Economics Letters
印刷版ISSN：2162-2078
电子版ISSN：2162-2086
出版年度：2016
卷号：06
期号：05
页码：854-867
DOI：10.4236/tel.2016.65089
语种：English
出版社：Scientific Research Publishing
摘要：In this study, we introduce nominal wage stickiness into an endogenous growth model based on R & D. This study examines how money growth affects long-run economic growth. We find that there exists a unique balanced growth path for sufficiently high rates of money growth, and that the economy exhibits sustained growth based on sustained R & D. Faster money growth results in greater employment and faster economic growth along such a balanced growth path. Furthermore, under some parameter restrictions, no balanced growth path exists for low rates of money growth; the economy is trapped in a steady state without long-run growth. These results suggest that money growth may be an important factor for long-run economic growth.
关键词：Endogenous Growth;New Keynesian Phillips Curve;Nominal Rigidities;Monetary Growth Theory