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This paper surveys the state of the art on monetary policy and central bank behaviour from a public choice perspective. After a brief look at the roots of today’s view of monetary policy conduct and institutional design in early work on political business cycles, the inflation-stabilisation...
Persistent link: https://www.econbiz.de/10005696722
This paper provides a concise overview of the state of the art on monetary policy and central banking from a public choice perspective. It starts with a brief look at the roots of today’s view of monetary policy conduct and the design of pertinent institutions in early work on political...
Persistent link: https://www.econbiz.de/10005200678
This study analyzes the growth and welfare effects of monetary policy in a two-country Schumpeterian growth model with cash-in-advance constraints on consumption and R&D investment. We find that an increase in the domestic nominal interest rate decreases domestic R&D investment and the growth...
Persistent link: https://www.econbiz.de/10010676249
This study analyzes the cross-country effects of monetary policy on innovation and international technology transfer. We consider a scale-invariant North-South quality-ladder model that features innovative R&D in the North and adaptive R&D in the South. To model money demand, we impose...
Persistent link: https://www.econbiz.de/10010693331