表題番号:2019C-311
日付:2020/04/09
研究課題企業分布と価格硬直性
研究者所属(当時) | 資格 | 氏名 | |
---|---|---|---|
(代表者) | 社会科学総合学術院 社会科学部 | 教授 | 及川 浩希 |
- 研究成果概要
- Responding to increasing attention to the distributional aspects of monetary policy, we investigate reallocation among heterogeneous firms triggered by nominal growth. Japanese firm-level data show that large firms tend to invest more in R&D and grow faster than small firms under higher inflation. We then construct a model that introduces nominal rigidity due to menu costs into R&D-driven endogenous growth with heterogeneous firms. The model shows that high nominal growth leads to an increase in the market share of innovative firms because menu-cost burdens are relatively heavier for less innovative firms. This reallocation effect leads to heavier tail of firm size distribution and yields a positive effect of monetary expansion on both real growth and welfare.