Rising cost of living and you will Growth: A low-Monotonic Relationships during the a tech-Driven Benefit

Rising cost of living and you will Growth: A low-Monotonic Relationships during the a tech-Driven Benefit

That it papers discusses the results from economic plan towards the enough time-manage economic development via other cash-in-get better limits into RD in the an effective Schumpeterian progress model which have vertical and you will horizontal innovation. The connection ranging from rising prices and you will progress try contingent towards cousin extents regarding CIA constraints and you will diminishing output to help you two types of development. Regarding empirically related situation where lateral RD is affected with better diminishing yields than simply straight RD, rising prices and you can gains is showcase an ugly-U matchmaking in the event the CIA constraint towards horizontal RD was sufficiently larger than you to with the vertical RD. Fundamentally, this new model is calibrated towards You benefit, and we also discover that the organization-increasing rate off rising prices is around 2.8%, that’s closely consistent with previous empirical quotes.

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