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This study analyzes the growth and welfare effects of monetary policy in a two-country Schumpeterian growth model with cash-in-advance constraints on consumption and R&D investment. We find that an increase in the domestic nominal interest rate decreases domestic R&D investment and the growth...
Persistent link: https://www.econbiz.de/10011170142
R&D investment has well-known liquidity problems, with potentially important consequences. In this paper, we analyze …
Persistent link: https://www.econbiz.de/10011110995
This study analyzes the cross-country effects of monetary policy on innovation and international technology transfer. We consider a scale-invariant North-South quality-ladder model that features innovative R&D in the North and adaptive R&D in the South. To model money demand, we impose...
Persistent link: https://www.econbiz.de/10011112137