Chu, Angus C.; Cozzi, Guido - In: International Economic Review 55 (2014) 05, pp. 507-524
R&D investment has well‐known liquidity problems, with potentially important consequences. In this study, we analyze the effects of monetary policy on economic growth and social welfare in a Schumpeterian growth model with cash‐in‐advance (CIA) constraints on R&D investment, consumption,...