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タイトル: Tradeoff between Inflation Stabilization and Growth Maximization
著者: Arato, Hiroki
キーワード: Endogenous Growth
Monetary Stabilization Policy
発行日: Jan-2009
出版者: Institute of Economic Research, Kyoto University
誌名: KIER Discussion Paper
巻: 664
抄録: This paper analyzes monetary policy implication in an endogenous growth model in which the average growth rate is inefficiently low and in which the capital accumulation technology is concave. This paper does two exercises. First, we derive the utility-based welfare criterion of the model. The welfare measure suggests that even if the natural rate of growth moves parallel to its efficient rate, the increase of inflation volatility may improve welfare through the increase of average growth. Second, we test this hypothesis numerically and show that in our calibrated model the tradeoff between inflation stabilization and average growth maximization exists. In addition, the tradeoff is resolved by highly growth-stimulating (investment stabilization) policy. The reason is the existence of concavity in the capital accumulation technology, through which investment stabilization rises average growth.
URI: http://hdl.handle.net/2433/129573
関連リンク: http://ideas.repec.org/p/kyo/wpaper/664.html
出現コレクション:KIER Discussion Paper (英文版)

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