経営工学系ワーキングペーパー 2017-1 掲載

経営工学系では、系の最新の研究成果の報告を掲載する「ワーキングペーパー」を発行しております。

最新号は「2017-1: Takeo Hori, Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model」です。

論文タイトル

Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model

著者

Takeo Hori

論文要旨

Motivated by the empirical facts, we construct an endogenous growth model in which heterogeneous R&D firms are financially constrained and use cash to finance R&D investments. The interaction between financial constraints and heterogeneity is an important determinant of the optimality of the Friedman rule. If there are no financial frictions, the presence of heterogeneity does not affect the optimality of the Friedman rule. If there are severe financial frictions, however, heterogeneity has an important effect. Without heterogeneity, the Friedman rule is optimal. However, with heterogeneity among R&D firms, deviating from the Friedman rule improves social welfare under a plausible condition.

今後も新しい号が発行され次第掲載していきます。

• 広報誌
• 経営工学系ワーキングペーパー 2017-1