| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16184 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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