Convergence, financial development, and policy analysis View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

2019-02-28

AUTHORS

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. More... »

PAGES

1-46

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s00199-019-01181-z

DOI

http://dx.doi.org/10.1007/s00199-019-01181-z

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1112461475


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