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題名 Money, random matching and endogenous growth: A quantitative analysis
作者 賴景昌
Chu, Angus C.
Kan, Kamhon
Lai, Ching-Chong
Liao, Chih-Hsing
貢獻者 經濟學系
關鍵詞 Economic growth; Inflation; Money; Random matching
日期 2014-04
上傳時間 15-Aug-2017 17:01:33 (UTC+8)
摘要 In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which inflation affects economic growth in the search-and-matching model is different from the traditional cash-in-advance model. To facilitate the calibration, we obtain an empirical estimate of the effects of inflation on economic growth using panel regressions. In the simulation analysis, we quantitatively evaluate the welfare effect of inflation in the search-and-matching endogenous growth model and compare it to a search-and-matching exogenous growth model. We find that the welfare effect of inflation is nonlinear in the endogenous growth model whereas it is linear in the exogenous growth model. Furthermore, we find that the welfare cost of inflation under endogenous growth is up to four times as large as the welfare cost of inflation under exogenous growth. © 2014 Elsevier B.V.
關聯 Journal of Economic Dynamics and Control, 41, 173-187
資料類型 article
DOI http://dx.doi.org/10.1016/j.jedc.2014.02.003
dc.contributor 經濟學系zh_Tw
dc.creator (作者) 賴景昌zh_TW
dc.creator (作者) Chu, Angus C.en_US
dc.creator (作者) Kan, Kamhonen_US
dc.creator (作者) Lai, Ching-Chongen_US
dc.creator (作者) Liao, Chih-Hsingen_US
dc.date (日期) 2014-04en_US
dc.date.accessioned 15-Aug-2017 17:01:33 (UTC+8)-
dc.date.available 15-Aug-2017 17:01:33 (UTC+8)-
dc.date.issued (上傳時間) 15-Aug-2017 17:01:33 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111962-
dc.description.abstract (摘要) In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which inflation affects economic growth in the search-and-matching model is different from the traditional cash-in-advance model. To facilitate the calibration, we obtain an empirical estimate of the effects of inflation on economic growth using panel regressions. In the simulation analysis, we quantitatively evaluate the welfare effect of inflation in the search-and-matching endogenous growth model and compare it to a search-and-matching exogenous growth model. We find that the welfare effect of inflation is nonlinear in the endogenous growth model whereas it is linear in the exogenous growth model. Furthermore, we find that the welfare cost of inflation under endogenous growth is up to four times as large as the welfare cost of inflation under exogenous growth. © 2014 Elsevier B.V.en_US
dc.format.extent 440899 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Economic Dynamics and Control, 41, 173-187en_US
dc.subject (關鍵詞) Economic growth; Inflation; Money; Random matchingen_US
dc.title (題名) Money, random matching and endogenous growth: A quantitative analysisen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.jedc.2014.02.003
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jedc.2014.02.003