최신자료
Effects of monetary and R&D policies on inequality and growth
This paper develops a two-agent worker-capitalist heterogeneous household monetary Schumpeterian growth model to examine the effects of R&D and monetary policies on economic growth and inequality.
The model is then calibrated to the South African economy, an upper-middle-income African country infamous for its consistently high level of inequality. A higher nominal interest rate reduces innovation and economic growth but help to mitigate inequality. However, the reduction in consumption inequality comes from a disproportionate decline in the capitalists’ condition.
In contrast, stronger patent protection fosters innovation and growth but leads to a greater concentration of wealth among capitalists. While broader patents provide long-term gains by boosting productivity and aggregate welfare, higher interest rates consistently decrease societal well-being despite a positive impact on distribution.
The model is then calibrated to the South African economy, an upper-middle-income African country infamous for its consistently high level of inequality. A higher nominal interest rate reduces innovation and economic growth but help to mitigate inequality. However, the reduction in consumption inequality comes from a disproportionate decline in the capitalists’ condition.
In contrast, stronger patent protection fosters innovation and growth but leads to a greater concentration of wealth among capitalists. While broader patents provide long-term gains by boosting productivity and aggregate welfare, higher interest rates consistently decrease societal well-being despite a positive impact on distribution.
많이 본 자료
![[2025.07] 대출규제](/userdata/main/incContent/sideLink/23/aaaqQGcnBTcOc8zW9uLNz20251015165742zqfnw.png)
![[사람이 되고 싶어요2] 환율의 변화](/userdata/main/incContent/sideLink/22/aaaqQGcnBTcOc8zW9uLNz20251015165408vtzoa.jpg)
