Langfristige Nichtneutralität von Geld in einem endogenen Wachstumsmodell
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Langfristige Nichtneutralität von Geld in einem endogenen Wachstumsmodell
Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 4 : pp. 520–546
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Martin Zagler, Wien
References
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Abstract
The present contribution furnishes theoretical evidence to the effect that a stabilising monetary policy promotes economic growth. It uses a model with rational utility-maximising representative actors and profit-maximising companies gaining from placing innovative products in monopolistic competitive markets. Where prices are rigid because of low menu costs, monetary expansion increases aggregated demand; as a result, profits rise in the monopolistic competitive markets making it interesting for new firms to access these markets. Since this is only possible with the help of new and innovative products, there is an incentive to research and development activities. Owing to the fact that a larger variety of pro-. ducts increases total factor productivity, the economy will record a welfareincreasing rise in the rate of economic growth for a given set of resources.