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.