| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17304 |
| DP17304 A Traffic-Jam Theory of Growth | |
| Daria Finocchiaro; Philippe Weil | |
| 发表日期 | 2022-05-12 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | A growing empirical literature documents a non-monotonic relationship between finance and growth. We investigate this finding in a Schumpeterian endogenous-growth model with search frictions and congestion effects in credit and innovation markets. Financial development eases the financing of innovation but exacerbates congestion effects in R&D. Conversely, policies that promote R&D aggravate financial bottlenecks. Once general equilibrium feedback effects are taken into account, the interplay between the two congestion frictions generates a non-linear relationship between finance and productivity growth. We show that, for a calibration chosen to mimic the actual US economy, the interplay between credit and innovation frictions results in a negative impact of finance on growth. This impact is however quantitatively small – consistent with the observation that, in the last century, most developed economies have experienced a widespread expansion of the financial sector yet almost constant, or slowly declining, growth rates of GDP (save for financial crises, pandemics or wars). |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Growth Finance Search frictions |
| URL | https://cepr.org/publications/dp17304 |
| 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/546331 |
| 推荐引用方式 GB/T 7714 | Daria Finocchiaro,Philippe Weil. DP17304 A Traffic-Jam Theory of Growth. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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