Inflação e o valor da inovação: como a inflação afeta a inovação e a estratégia de valor das firmas

Palabras clave: inovação, inflação, I&D


O presente estudo analisa os efeitos da inflação nos investimentos em P&D e no crescimento orientado pela inovação. Para isto, foi construído um modelo de crescimento orientado pela inovação de forma que as firmas investem recursos próprios e captam outros recursos junto às instituições financeiras. Os custos dos empréstimos dependem da taxa de juros cobrada pelas instituições financeiras. Em um regime de metas, a autoridade monetária ajusta a taxa de juros nominal no intuito de fazer convergir a inflação corrente para a meta estabelecida. Este processo ajusta a taxa de juros cobrada pelas instituições financeiras elevando o custo de oportunidade dos investimentos. Como resultado, o aumento da inflação promove uma redução na demanda por investimentos em P&D, reduzindo a taxa de progresso tecnológico. No exercício empírico do modelo, o coeficiente estimado de elasticidade dos investimentos em P&D é negativamente afetado pela inflação.


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Cómo citar
Rocha, L., Cárdenas, L., Reis, F., Araújo Silva, N., & Soares de Almeida, C. (2021). Inflação e o valor da inovação: como a inflação afeta a inovação e a estratégia de valor das firmas. Estudios Económicos, 38(76), 147-195. Recuperado a partir de