| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10840 |
| DP10840 Liquidity, Innovation, and Endogenous Growth | |
| Semyon Malamud | |
| 发表日期 | 2015-09-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that liquidity constraints unambiguously lead firms to decrease their production rate but, surprisingly, may spur investment in innovation (R&D). Using the model, we characterize which firms substitute production for innovation when constrained and thus display a non-monotonic relation between cash reserves and R&D. We embed our single-firm dynamics in a Schumpeterian model of endogenous growth and demonstrate that financing frictions have an ambiguous effect on economic growth. |
| 主题 | Financial Economics ; Macroeconomics and Growth |
| 关键词 | Creative destruction Endogenous growth Cash management Financial constraints Innovation |
| URL | https://cepr.org/publications/dp10840 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539669 |
| 推荐引用方式 GB/T 7714 | Semyon Malamud. DP10840 Liquidity, Innovation, and Endogenous Growth. 2015. |
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