G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16184
DP16184 Do Low Interest Rates Harm Innovation, Competition, and Productivity Growth?
J David López-Salido; Jonathan E Goldberg; Craig Chikis
发表日期2021-05-24
出版年2021
语种英语
摘要The answer to this question crucially depends on the nature of creative destruction. In Schumpeterian models, if innovation by market laggards only incrementally refines their existing technology, then, as the interest rate falls to very low levels, growth declines with low-R&D market leaders becoming entrenched. However, if market laggards have some chance to innovate radically and immediately catch up to the leading technology, low interest rates boost productivity growth. Using micro data, we structurally estimate a Schumpeterian model that nests these alternative possibilities. In the estimated model, laggards have a meaningful chance to innovate radically, implying that low interest rates increase growth and market competition. Incorporating firm entry, optimal patent policy, and financial frictions strengthens our results.
主题Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词Real interest rate Innovation Growth Markups
URLhttps://cepr.org/publications/dp16184
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/545156
推荐引用方式
GB/T 7714
J David López-Salido,Jonathan E Goldberg,Craig Chikis. DP16184 Do Low Interest Rates Harm Innovation, Competition, and Productivity Growth?. 2021.
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