Inflation and innovation value: How inflation affects innovation and the value strategy across firms

Autores

DOI:

https://doi.org/10.52292/j.estudecon.2021.2334

Palavras-chave:

Innovation, inflation, R&D

Resumo

This research analyzes the effects of inflation on R&D investments and innovation-driven growth. For this, an innovation-driven growth model was built in which firms invest own resources and resources from financial institutions. Credit costs depend on the interest rate charged by these institutions. In an inflation-targeting
regime, the monetary authority adjusts the nominal interest rate in order to converge current inflation to the established target. It adjusts the interest rate of financial institutions, changing the opportunity cost of investments. As a result, rising inflation promotes a reduction in R&D investments demand, reducing the rate of technological progress. In the empirical exercise of the model, the estimated coefficient of elasticity of R&D investments is negatively affected by inflation.

Downloads

Não há dados estatísticos.

Referências

Acemoglu, D. (2009). Introduction to Modern Economic Growth. Princeton, New Jersey: Princeton University Press.

Acemoglu, D., Aghion, p., & Zilibotti, f. (2006). Distance to Frontier, Selection and Economic Growth. Journal of the European Economic Association, 4(1), 37-74. DOI: https://doi.org/10.1162/jeea.2006.4.1.37

Aghion, P., & Howitt, P. (2009). The Economics of Growth. Cambridge, Massachusetts: The MIT Press.

Aghion, P., & Jaravel, X. (2015). Knowledge Spillovers, Innovation and Growth . The Economic Journal, 125(583), 533-545. DOI: https://doi.org/10.1111/ecoj.12199

Aghion, P., & Marinescu, I. (2007). Cyclical Budgetary Policy and Economic Growth: What Do We Learn from OECD Panel Data?. In D. Acemoglu, K. Rogoff, & M. Woodford, NBER Macroeconomics Annual. (Vol. 22, pp. 251-278). Chicago: University of Chicago Press. DOI: https://doi.org/10.1086/ma.22.25554967

Aghion, P., Akcigit, U., & Howitt, P. (2013). What Do We Learn From Schumpeterian Growth Theory?. In P. Aghion, & S. Durlauf, Handbook of Economic Growth (Vol. 2A, pp. 515-563). North Holland: Elsevier. DOI: https://doi.org/10.1016/B978-0-444-53540-5.00001-X

Aghion, P., Hémous, D., & Kharroubi, E. (2014). Cyclical fiscal policy, credit constraints, and industry growth. Journal of Monetary Economics, 64(C), 41-58. DOI: https://doi.org/10.1016/j.jmoneco.2013.12.003

Aghion, P., Howitt, P., & Prantl, S. (2015). Patent rights, product market reforms, and innovation. Journal of Economic Growth, 20(3), 223-262. DOI: https://doi.org/10.1007/s10887-015-9114-3

Aliyu, S. (2012). Does inflation have an impact on stock returns and volatility? Evidence from Nigeria and Ghana. Applied Financial Economics, 22(6), 427-435. DOI: https://doi.org/10.1080/09603107.2011.617691

Alonso-Borrego, C., & Arellano, M. (1999). Symmetrically normalized instrumental-variable estimation using panel data. Journal of Business & Economic Statistics, 17(1), 36–49. DOI: https://doi.org/10.1080/07350015.1999.10524795

Amable, B., Demmou, L., & Ledezma, I. (2010). Product market regulation, innovation and distance to frontier. Industrial and Corporate Change, 19(1), 117–159. DOI: https://doi.org/10.1093/icc/dtp037

Anand, R., Prasad, E., & Zhang, B. (2015). What measure of inflation should a developing country central bank target? Journal of Monetary Economics, 74(C), 102-116. DOI: https://doi.org/10.1016/j.jmoneco.2015.06.006

Arellano, M. (2016). Modelling optimal instrumental variables for dynamic panel data models. Research in Economics, 70(2), 238-261. DOI: https://doi.org/10.1016/j.rie.2015.11.003

Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. DOI: https://doi.org/10.2307/2297968

Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. DOI: https://doi.org/10.1016/0304-4076(94)01642-D

Ascari, G., & Sbordone, A. (2014). The Macroeconomics of Trend Inflation. Journal of Economic Literature, 52(3), 679-739. DOI: https://doi.org/10.1257/jel.52.3.679

Baltagi, B. (2005). Econometric Analysis of Panel Data (3ª ed.). West Sussex: John Wiley & Sons Ltd.

Barro, R., & Sala-I-Martin, X. (2004). Economic Growth (2ª ed.). Cambridge, Massachusetts: The MIT Press.

Bashir, A.-H. (2002). The welfare effects of inflation and financial innovation in a model of economic growth: An Islamic perspective. Journal of Economic Studies, 29(1), 21-32. DOI: https://doi.org/10.1108/01443580210414094

Beal, A., & Graham, L. (2014). Foundations for Change: Rule of Law, Development, and Democratization. Politics & Policy, 42(3), 311-345 . DOI: https://doi.org/10.1111/polp.12077

Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: panel evidence. Journal of Banking and Finance, 28(3), 423-442. DOI: https://doi.org/10.1016/S0378-4266(02)00408-9

Becker, R., Orborn, D., & Yildirim, D. (2012). A threshold cointegration analysis of interest rate pass-through to UK mortgage rates. Economic Modelling, 29(6), 2504-2513. DOI: https://doi.org/10.1016/j.econmod.2012.08.004

Bester, C., & Hansen, C. (2016). Grouped effects estimators in fixed effects models. Journal of Econometrics, 190(1), 197-208. DOI: https://doi.org/10.1016/j.jeconom.2012.08.022

Bhamra, H., Kuehn, L., & Strebulaev, I. (2010). Long run risks, credit markets, and financial structure. American Economic Review: Papers and Proceedings, 100(2), 547-551. DOI: https://doi.org/10.1257/aer.100.2.547

Bhattarai, S., Lee, J., & Park, W. (2014). Inflation dynamics: The role of public debt and policy regimes. Journal of Monetary Economics, 67(C), 93-108. DOI: https://doi.org/10.1016/j.jmoneco.2014.07.004

Binder, M., Hsiao, C., & Pesaran, M. (2005). Estimation and inference in short panel vector autoregressions with unit roots and cointegration. Econometric Theory, 21(4), 795-837. DOI: https://doi.org/10.1017/S0266466605050413

Blanchard, O. (2016). The Phillips Curve: Back to the '60s? American Economic Review, 106(5), 31-34. DOI: https://doi.org/10.1257/aer.p20161003

Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. DOI: https://doi.org/10.1016/S0304-4076(98)00009-8

Bogliacino, F., & Cordona, S. (2010). The determinants of R&D Investment: the role of Cash flow and Capabilities. (IPTS Working Papers on Corporate R&D and Innovation 10/2010). Recuperado de https://www.econstor.eu/bitstream/10419/202126/1/jrc-wp201010.pdf

Bourke, J., & Roper, S. (2017). Innovation, quality management and learning: Short-term and longer-term effects. Research Policy, 46(8), 1505-1518. DOI: https://doi.org/10.1016/j.respol.2017.07.005

Bratsiotis, G., Madsen, J., & Martin, C. (2015). Inflation targeting and inflation persistence. Economic and Political Studies, 3(1), 3-17. DOI: https://doi.org/10.1080/20954816.2015.11673835

Brunnermeier, M., & Sannikov, Y. (2016). On the Optimal Inflation Rate. American Economic Review, 106(5), 484-489. DOI: https://doi.org/10.1257/aer.p20161076

Burdekin, R., Denzau, A., Keil, M., Sitthiyot, T., & Willett, T. (2004). When does inflation hurt economic growth? Different nonlinearities for different economies. Journal of Macroeconomics, 26(3), 519–532. DOI: https://doi.org/10.1016/j.jmacro.2003.03.005

Canarella, G., & Miller, S. (2017). Inflation targeting and inflation persistence: New evidence from fractional integration and cointegration. Journal of Economics and Business, 92(C), 45-62. DOI: https://doi.org/10.1016/j.jeconbus.2017.05.002

Capistrán, C., & Ramos-Francia, M. (2010). Does Inflation Targeting Affect the Dispersion of Inflation Expectations? Journal of Money, Credit and Banking, 42(1), 113-134. DOI: https://doi.org/10.1111/j.1538-4616.2009.00280.x

Carkovic, M., & Levine, R. (2005). Does foreign direct investment accelerate economic growth? In T. Moran, E. Graham, & M. Blomström (Eds.). Does Foreign Direct Investment Promote Development? (pp. 195-220). Washington, DC: Institute for International Economics and Center for Global Development.

Charron, N. (2011). Exploring the impact of foreign aid on corruption: has the "Anti-Corruption Movement" been effective? . The Developing Economies, 49(1), 66-88. DOI: https://doi.org/10.1111/j.1746-1049.2010.00122.x

Chen, L., Collin-Dufresne, P., & Goldstein, R. (2009). On the relation between the credit spread puzzle and the equity premium puzzle. Review of Financial Studies, 22(9), 3367-3409. DOI: https://doi.org/10.1093/rfs/hhn078

Chu, A., & Cozzi, G. (2014). R&D and economic growth in a cash-in-advance economy. International Economic Review, 55(2), 507-524. Recuperado de https://doi.org/10.1111/iere.12059 DOI: https://doi.org/10.1111/iere.12059

Chu, A., & Ji, L. (2016). Monetary policy and endogenous market structure in a Schumpeterian economy. Macroeconomic Dynamics, 20(5), 1127-1145. DOI: https://doi.org/10.1017/S1365100514000765

Chu, A., & Lai, C.-C. (2013). Money and the Welfare Cost of Inflation in an R&D Growth Model. Journal of Money, Credit and Banking, 45(1), 233–249. DOI: https://doi.org/10.1111/j.1538-4616.2012.00568.x

Chu, A., Cozzi, C., Lai, C.-C., & Liao, C.-H. (2015). Inflation, R&D and growth in an open economy. Journal of International Economics, 96(2), 360–374. DOI: https://doi.org/10.1016/j.jinteco.2015.03.007

Chu, A., Cozzi, G., Fan, H., Pan, S., & Zhang, M. (2020). Do Stronger Patents Stimulate or Stifle Innovation? The Crucial Role of Financial Development. Journal of Money, Credit and Banking, 52(5), 1305-1322. DOI: https://doi.org/10.1111/jmcb.12629

Chu, A., Cozzi, G., Furukawa, Y., & Liao, C.-H. (2017). Inflation and economic growth in a Schumpeterian Model with endogenous entry of heterogenous firms. Munich Personal RePEc Archive (MPRA Paper No. 77543). Munich, Germany: University Library of Munich. DOI: https://doi.org/10.1016/j.euroecorev.2017.07.006

Coad, A. (2011). Appropriate business strategy for leaders and laggards. Industrial and Corporate Change, 20(4), 1049-1079. DOI: https://doi.org/10.1093/icc/dtr012

Cremers, M., Pareek, A., & Sautner, Z. (2017). Short-Term Investors, Long-Term Investments, and Firm Value. Consultado el 05 15, 2017, disponible en https://ssrn.com/abstract=2720248 DOI: https://doi.org/10.2139/ssrn.2720248

Dias, A. (2013). Market capitalization and Value-at-Risk. Journal of Banking & Finance, 37(12), 5248-5260. DOI: https://doi.org/10.1016/j.jbankfin.2013.04.015

Ding, S., Sun, P., & Jiang, W. (2016). The Effect of Import Competition on Firm Productivity and Innovation: Does the Distance to Technology Frontier Matter? Oxford Bulletin of Economics and Statistics, 78(2), 0305–9049. DOI: https://doi.org/10.1111/obes.12110

Dosi, G., Marengo, L., & Pasquali, C. (2006). How much should society fuel the greed of innovators?: On the relations between appropriability, opportunities and rates of innovation. Research Policy, 35(8), 1110-1121. DOI: https://doi.org/10.1016/j.respol.2006.09.003

Dressler, S. (2016). A long-run, short-run, and politico-economic analysis of the welfare costs of inflation. Journal of Macroeconomics, 47(Part B), 255-269. DOI: https://doi.org/10.1016/j.jmacro.2015.10.011

Ege, A., & Ege, A. (2017). Is there an innovation effect on current account? A case for European countries. Applied Economics, online, 1-13. DOI: https://doi.org/10.1080/00036846.2017.1305093

Funk, P., & Kromen, B. (2010). Inflation and innovation-driven growth. The B.E. Journal of Macroeconomics, 10(1), 1935-1690. DOI: https://doi.org/10.2202/1935-1690.1792

Gehringer, A. (2013). Another Look at the Determinants of Current Account Imbalances in the European Union: An Empirical Assesment. (FIW Working Paper No. 105), Vienna: Federal Ministry of Science, Research and Economy. DOI: https://doi.org/10.2139/ssrn.2159132

Gilchrist, S., Schoenle, R., Sim, J., & Zakrajsek, E. (2017). Inflation Dynamics during the Financial Crisis. American Economic Review, 107(3), 785-823. DOI: https://doi.org/10.1257/aer.20150248

Gillman, M., & Kejak, M. (2005). Contrasting models of the effect of inflation on growth. Journal of Economic Surveys, 19(1), 113–136 . DOI: https://doi.org/10.1111/j.0950-0804.2005.00241.x

Gomes, J., & Schmid, L. (2010). Levered returns. Journal of Finance, 65(2), 467–494. DOI: https://doi.org/10.1111/j.1540-6261.2009.01541.x

Goodfriend, M. (2007). How the World Achieved Consensus on Monetary Policy. Journal of Economic Perspectives, 21, 47-68. DOI: https://doi.org/10.1257/jep.21.4.47

Gourio, F. (2013). Credit risk and disaster risk. American Economic Journal: Macroeconomics, 5(3), 1–34. DOI: https://doi.org/10.1257/mac.5.3.1

Graham, J., Campbell, R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 4(1-3), 3–73. DOI: https://doi.org/10.1016/j.jacceco.2005.01.002

Greene, W. (2012). Econometric Analysis (7ª ed.). Boston, MA: Prentice Hall.

Gropp, R., Sørensen, C., & Lichtenberger, J.-D. (2007). The dynamics of bank spread and financial structure. (ECB, Working Papers Series No. 714). Frankfurt: Europen Central Bank DOI: https://doi.org/10.2139/ssrn.955764

Gupta, K., Banerjee, R., & Onur, I. (2017). The effects of R&D and competition on firm value: International evidence. International Review of Economics & Finance, 51(C), 391-404. DOI: https://doi.org/10.1016/j.iref.2017.07.003

Hackbarth, D., Miao, J., & Morellec, E. (2006). Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics, 82(3), 519– 550. DOI: https://doi.org/10.1016/j.jfineco.2005.10.003

Hahn, J., & Kuersteiner, G. (2002). Asymptotically unbiased inference for a dynamic panel model with fixed effects when both N and T are large. Econometrica, 70(4), 1639–1657. DOI: https://doi.org/10.1111/1468-0262.00344

Hahn, J., & Newey, W. (2004). Jackknife and analytical bias reduction for nonlinear panel models. Econometrica, 72(4), 1295–1319. DOI: https://doi.org/10.1111/j.1468-0262.2004.00533.x

Hal, B., Jaffe, A., & Trajtenberg, M. (2005). Market Value and Patent Citations. The RAND Journal of Economics, 36(1), 16-38.

Hall, B. (2002). The Financing of Research and Development. Oxford Review of Economic, 18(1), 35-51. DOI: https://doi.org/10.1093/oxrep/18.1.35

Hall, B., Jaffe, A., & Trajtenberg, M. (2005). Market Value and Patent Citations. The RAND Journal of Economics, 36(1), 16-38.

Hall, B., Lotti, F., & Mairesse, J. (2013). Evidence on the impact of R&D and ICT investments on innovation and productivity in Italian firms. Economics of Innovation and New Technology, 22(3), 300-328. DOI: https://doi.org/10.1080/10438599.2012.708134

Hall, B., Mairesse, J., & Mohnen, P. (2010). Measuring the Returns to R&D. In B. Hall, & N. Rosenberg, Handbook of the Economics of Innovation (Vol. 2, pp. 1033-1082). Amsterdan: North-Holland by Elsevier. DOI: https://doi.org/10.1016/S0169-7218(10)02008-3

Hall, R., & Jones, C. (1999). Why do some countries produce so much more output per worker than others? Quarterly Journal of Economics, 114(1), 83–116. DOI: https://doi.org/10.1162/003355399555954

Hall, S., & UrgA, G. (2000). New developments in the analysis of panel data sets. In S. DAHIYA (Ed.), The Current State of Business Disciplines (pp. 537–64). Rohtak: Spellbound Publications PVT Ltd. (Business Economics).

He, Q., & Zou, H.-F. (2016). Does inflation cause growth in the reform-era China? Theory and evidence. International Review of Economics & Finance, 45(C), 470-484. DOI: https://doi.org/10.1016/j.iref.2016.07.012

Ho, W., Zeng, J., & Zhang, J. (2007). Inflation taxation and welfare with externalities and leisure. Journal of Money, Credit and Banking, 39(1), 105–131. DOI: https://doi.org/10.1111/j.0022-2879.2007.00005.x

Hölzl, W., & Janger, J. (2014). Distance to the frontier and the perception of innovation barriers across European countries. Research Policy, 43(4), 707–725. DOI: https://doi.org/10.1016/j.respol.2013.10.001

Hosny, A. (2017). Does inflation targeting lower inflation? If yes, then when? International Journal of Monetary Economics and Finance, 10(3/4), 379-403. DOI: https://doi.org/10.1504/IJMEF.2017.10008411

Hsiao, C. (2003). Analysis of Panel Data (2ª ed.). New York: Cambridge University Press. DOI: https://doi.org/10.1017/CBO9780511754203

Hsiao, C. (2007). Panel data analysis—advantages and challenges. TEST, 16, 1–22. DOI: https://doi.org/10.1007/s11749-007-0046-x

Hsiao, C. (2014). Analysis of Panel Data (3ª ed.). Cambridge: Cambridge University Press. DOI: https://doi.org/10.1017/CBO9781139839327

Im, K., Pesaran, M., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. DOI: https://doi.org/10.1016/S0304-4076(03)00092-7

Jha, C. (2019). Financial reforms and corruption: Evidence using GMM estimation. International Review of Economics & Finance, 62, 66-78. DOI: https://doi.org/10.1016/j.iref.2019.03.003

Kancs, D., & Siliverstovs, B. (2016). R&D and non-linear productivity growth. Research Policy, 45(6), 634–646. DOI: https://doi.org/10.1016/j.respol.2015.12.001

Kang, J., & Pflueger, C. (2015). Inflation Risk in Corporate Bonds. The Journal of Finance, 70(1), 115-162. DOI: https://doi.org/10.1111/jofi.12195

Kung, H., & Schmid, L. (2015). Innovation, Growth, and Asset Prices. The Journal of Finance, 70(3), 1001-1037. DOI: https://doi.org/10.1111/jofi.12241

Kunieda, T., Okada, K., & Shibata, A. (2016). Corruption, Financial Development and Economic Growth: Theory and Evidence From an Instrumental Variable Approach With Human Genetic Diversity. Economic Notes: Review of Banking, Finance and Monetary Economics, 45(3), 353–392 . DOI: https://doi.org/10.1111/ecno.12061

Labra, R., & Torrecillas, C. (2018). Estimating dynamic Panel data. A practical approach to perform long panels. Revista Colombiana de Estadística, 41(1), 31-52. DOI: https://doi.org/10.15446/rce.v41n1.61885

Lee, Y., & Phillips, P. (2015). Model selection in the presence of incidental parameters. Journal of Econometrics, 188(2), 474-489. DOI: https://doi.org/10.1016/j.jeconom.2015.03.012

Lerner, J., Sorensen, M., & Strömberg, P. (2011). Private Equity and Long-Run Investment: The Case of Innovation. The Journal of Finance, 66(2), 445–477 . DOI: https://doi.org/10.1111/j.1540-6261.2010.01639.x

Levin, A., Lin, C., & Chu, J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. DOI: https://doi.org/10.1016/S0304-4076(01)00098-7

López-Villavicencio, A., & Mignon, V. (2011). On the impact of inflation on output growth: Does the level of inflation matter? Journal of Macroeconomics, 33(3), 455–464. DOI: https://doi.org/10.1016/j.jmacro.2011.02.003

Mansfield, E. (1980). Research and Development, Productivity, and Inflation. Science, 209(4461), 1091-1093. DOI: https://doi.org/10.1126/science.209.4461.1091

Mehic, A. (2018). Industrial employment and income inequality: Evidence from panel data. Structural Change and Economic Dynamics, 45(C), 84-93. DOI: https://doi.org/10.1016/j.strueco.2018.02.006

Mishkin, F. (2007). Inflation Dynamics. International Finance, 10(3), 317–334. DOI: https://doi.org/10.1111/j.1468-2362.2007.00205.x

Mishkin, F. (2008). Does stabilizing inflation contribute to stabilizing economic activity? (NBER, Working Papers No. 13970). Recuperado de https://www.nber.org/system/files/working_papers/w13970/w13970.pdf DOI: https://doi.org/10.3386/w13970

Mishra, V. (2007). The Determinants of R&D Expenditure of Firms: evidence from a cross‐section of Indian firms. Economic Papers, 26(3), 237-248. DOI: https://doi.org/10.1111/j.1759-3441.2007.tb00433.x

Montresor, S., & Vezzani, A. (2015). The production function of top R&D investors: Accounting for size and sector heterogeneity with quantile estimations. Research Policy, 44(2), 381–393. DOI: https://doi.org/10.1016/j.respol.2014.08.005

Myles, G., & Yousefi, H. (2015). Corruption and Seigniorage. Journal of Public Economic Theory, 17(4), 480–503 . DOI: https://doi.org/10.1111/jpet.12119

Neyman, J., & Scott, E. (1948). Consistent estimates based on partially consistent observations. Econometrica, 16(1), 1–32. DOI: https://doi.org/10.2307/1914288

Oikawa, K., & Ueda, K. (2015). The Optimal Inflation Rate under Schumpeterian Growth. Centre for Applied Macroeconomic Analysis (CAMA Working Paper No. 14/2015), Canberra, Australia: Centre for Applied Macroeconomic Analysis. DOI: https://doi.org/10.2139/ssrn.2602065

Osabutey, E., & Okoro, C. (2015). Political Risk and Foreign Direct Investment in Africa: The Case of the Nigerian Telecommunications Industry. Thunderbird International Business Review , 57(6), 417–429 . DOI: https://doi.org/10.1002/tie.21672

Ozdemir, M., & Tuzunturk, S. (2009). Is price stability enough? Macroeconomic performance of inflation targeting in developing countries. International Journal of Sustainable Economy, 1(4), 352 - 372. DOI: https://doi.org/10.1504/IJSE.2009.024762

Pires, A. (2009). R&D and endogenous asymmetries between firms. Economics Letters, 103(3), 153-156. DOI: https://doi.org/10.1016/j.econlet.2009.03.007

Ramzi, T., & Viem, J. (2016). Causality Nexus between Economic Growth, Inflation and Innovation. Journal of the Knowledge Economy, 7(1), pp 1–24. DOI: https://doi.org/10.1007/s13132-016-0432-2

Rocha, L., Cardenas, L., Lopes, F., Oliveira, F., & Fernandes, K. (2018). The Impact of R&D Investments on Performance of Firms in Different Degrees of Proximity to the Technological Frontier. Economics Bulletin, 38(2), 1156-1170.

Rocha, L., Lima, P., Khan, A., & Sousa, E. (2019). R&D Spillovers, Innovation and Market Value: evidence of absorptive capacity in the generation of clean technologies. Estudios de Economía Aplicada, 37(2), 182-195. DOI: https://doi.org/10.25115/eea.v37i2.2611

Roodman, D. (2009). A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135-158. DOI: https://doi.org/10.1111/j.1468-0084.2008.00542.x

Solow, R. (1956). A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, 70(1), 65-94. DOI: https://doi.org/10.2307/1884513

Stein, J. (2012). Monetary Policy as Financial Stability Regulation. The Quarterly Journal of Economics , 127(1), 57-95. DOI: https://doi.org/10.1093/qje/qjr054

Stockemer, D. (2013). Corruption and Turnout in Presidential Elections: A Macro-Level Quantitative Analysis. Politics & Policy , 41(2), 189–212 . DOI: https://doi.org/10.1111/polp.12012

Taylor, J. (2000). Teaching Modern Macroeconomics at the Principles Level. The American Economic Review, 90(2), 90-94. DOI: https://doi.org/10.1257/aer.90.2.90

Umar, M., Dahalan, J., & Aziz, M. (2016). The South African monetary policy and inflation targeting as a nominal anchor: Does the monetary policy become more effective? International Journal of Monetary Economics and Finance, 9(4), 401 - 416. DOI: https://doi.org/10.1504/IJMEF.2016.080082

Wash, C. (2003). Accountability, Transparency, and Inflation Targeting. Journal of Money, Credit and Banking, 35(5), 829-849. DOI: https://doi.org/10.1353/mcb.2003.0041

Were, M., & Wambua, J. (2014). What factors drive interest rate spread of commercial banks? Empirical evidence from Kenya. Review of Development Finance, 4(2), 73–82. DOI: https://doi.org/10.1016/j.rdf.2014.05.005

Wu, H. (2010). Distance to frontier, intellectual property rights, and economic growth. Economics of Innovation and New Technology, 19(2), 165-183. DOI: https://doi.org/10.1080/10438590802551227

Wu, Y., & Zhang, J. (1998). Endogenous growth and the welfare costs of inflation: a reconsideration. Journal of Economic Dynamics and Control, 22(3), 465-482. DOI: https://doi.org/10.1016/S0165-1889(97)00067-5

Wynne, M. (2008). Core inflation: are view of some conceptual issues. Federal Reserve Bank of St. Louis Review, 90(3, Part 2), 205-228. DOI: https://doi.org/10.20955/r.90.205-228

Publicado

2021-02-08

Como Citar

Rocha, L. A., Cárdenas, L. Q., Reis, F. A., Araújo Silva, N. G., & Soares de Almeida, C. A. (2021). Inflation and innovation value: How inflation affects innovation and the value strategy across firms. Estudios económicos, 38(76), 147–195. https://doi.org/10.52292/j.estudecon.2021.2334

Edição

Seção

Artigos