【主讲】何超 助教授 (中国人民大学汉青经济与金融高级研究院)
【主题】Inflation, Entrepreneurship and Growth
【时间】2012年11月19日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼710室
【语言】英文
【摘要】There is a long tradition of linking entrepreneurship to economic growth. This paper studies the effects of monetary policy, in the sense of fully anticipated inflation, on entrepreneurship and its impact on economic growth. With the working capital requirement for labor inputs, I find that unless labor supply is perfectly elastic, inflation induces more entrepreneurship. When entrepreneurship is the driving force of long run economic growth, inflation can increase growth, while its impact on output at given productivity level. This channel is novel and has many testable implications. I also discuss how this model can provides a theoretical rationale for the empirical findings that growth can increase with long-run inflation at low levels of inflation.
