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https://hdl.handle.net/10316/87706
Título: | Inflation, Complexity and Endogenous Growth | Autor: | Sequeira, Tiago Neves Gil, Pedro Mazeda Afonso, Óscar |
Palavras-chave: | inflation, endogenous economic growth, complexity effects, entropy. | Data: | 23-Set-2019 | Relatório da Série N.º: | CeBer Working Paper 2019-04; | Resumo: | In this article, we argue that inflation increases complexity pertaining to knowledge production (or R&D). Then, we expand a recently developed complexity index based on entropy to include the effect of inflation. As a result of this new mechanism in an endogenous growth model, inflation is no longer superneutral. In the model, inflation can decrease economic growth in a nonlinear way, a sudden upward shock on inflation can severely hurt economic growth and an inflation cut can be responsible for a take-off. These effects are illustrated quantitatively. | URI: | https://hdl.handle.net/10316/87706 | Direitos: | openAccess |
Aparece nas coleções: | I&D CeBER - Working Papers |
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Ficheiro | Descrição | Tamanho | Formato | |
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wp-ceber-2019-4 (11).pdf | 502.39 kB | Adobe PDF | Ver/Abrir |
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