of market concentration partially impairs the transmission of monetary policy by disrupting the entry and exit mechanism …

mutes the effects of monetary policy on the labor market and personal income over the medium term. The firm entry rate and …

We document that monetary policy has a substantial impact on innovation activities. After a tightening shock of 100 …-based aggregate innovation index, declines by up to 9 percent in the following 2 to 4 years. Based on previous estimates of the … sensitivity of output to innovation activities, these magnitudes imply that output could be 1 percent lower after another 5 years …

cost of debt, corporate bond purchases by the central bank stimulate innovation through a wealth transfer to innovative …

cost of debt, corporate bond purchases by the central bank stimulate innovation through a wealth transfer to innovative …

This paper describes optimal monetary policy in an economy with monopolistic competition, endogenous firm entry, a cash …-in-advance constraint and pre-set wages. Firms must make profits in order to cover entry costs; thus a mark-up on goods prices is necessary … requirement at market entry stage, insufficient labour supply also implies too little entry and too few firms in equilibrium. In …