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学术研究 > 新结构经济学工作论文
新结构经济学工作论文NSE Working Papers
NSE工作论文(No.E2018007): Convergence, Financial Development, and Policy Analysis∗
来源:时间:2018-07-26作者:

No. E2018007                                                                                                                                                                                  2018-7-20




Convergence, Financial Development, and Policy Analysis∗
Justin Yifu Lin   Jianjun Miao  
Pengfei Wang





Abstract

We study the relationship among inflation, economic growth, and financial development in a Schumpeterian overlapping-generations model with credit constraints. In the baseline case money is super-neutral. When the financial development exceeds some critical level, the economy catches up and then converges to the growth rate of the world technology frontier. Otherwise, the economy converges to a poverty trap with a growth rate lower than the frontier and with inflation decreasing with the level of financial development. We then study efficient allocation and identify the sources of inefficiency in a market equilibrium. We show that a particular combination of monetary and fiscal policies can make a market equilibrium attain the efficient allocation.


Key words: Economic Growth, Innovation, Credit Constraints, Convergence, Policy Analysis, Money, Inflation


JEL Classifications codes: O11, O23, O31, O33, O38, O42



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上一篇:NSE工作论文(No.E2018008):China's Growth Miracle in the context of Asian Transformation
下一篇:NSE工作论文(No.E2018006): The Facilitating State and Economic Development: The Role of the State in New Structural Economics
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