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Langfristige Nichtneutralität von Geld in einem endogenen Wachstumsmodell

Langfristige Nichtneutralität von Geld in einem endogenen Wachstumsmodell
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Year:    1999

Author:    Zagler, Martin

Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 4 : pp. 520–546

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.

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/ccm.32.4.520

Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 4 : pp. 520–546

Published online:    1999-04

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    27

Author Details

Zagler, Martin

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Section Title Page Action Price
Martin Zagler: Langfristige Nichtneutralität\rvon Geld in einem endogenen Wachstumsmodell 520
I. Einleitung 521
1. Empirische Evidenz 521
2. Theoretischer Hintergrund 523
II. Das Modell 524
1. Haushalte 524
2. Produzenten 529
3. Forschungs- und Entwicklungsunternehmen 532
4. Externalitäten und Soziales Optimum 535
III. Preisrigiditäten 536
IV. Schlußfolgerungen und Erweiterungen 540
Anhang 542
Literatur 544
Zusammenfassung: Langfristige Nichtneutralität von Geld in einem endogenen Wachstumsmodell 545
Summary: Long-term Non-neutrality of Money in an Endogenous Growth Model 545
Résumé: La non-neutralité à long-terme de l'argent dans un modèle de croissance endogène 546