时间：2015/11/09，15：00-17：00

地点：威廉希尔一楼院史馆

主讲人：Chien-Yu Huang (黄千祐)

主讲题目： CIA, Inflation, Market Structure and Growth

主讲人介绍：Chien-Yu Huang earned his PhD in Economics at North Carolina State University in 2011. His research interests include Macroeconomics and economic growth.

内容简介：This paper explores the effects of monetary policy (or inflation) in a Schumpeterian growth model with an endogenous market structure and distinct cash-in-advance (CIA) constraints on consumption, production, and two distinct types of R&D investment _in-house R&D and entry investment. We show that the CIA constraints work through various channels and the effects of monetary policy depend on the strength of each channel. Although inflation seems like a uniform tax imposed on the whole economy, an identical monetary policy can render different distortions of inflation on the economy and give rise to different consequences. The steady-state effects provide a reconciliation to the empirical, mixed relationship between inflation and growth. Moreover, the market structure could exhibit either intensive or extensive margin response to inflation. Our welfare effects show that Friedman's rule, in general, is not socially optimal, depending on the relative magnitude between the cash constraint on the quality-improved and variety-expanded R&D and the social return to product variety.