Money, growth, and welfare in a Schumpeterian model with the spirit of capitalism
نویسندگان
چکیده
According to Schumpeter (1934), entrepreneurs are driven innovate not just for the fruits of success but also itself. This description entrepreneurship echoes Weber's (1904-05, German; 1958) “spirit capitalism,” which states that people enjoy accumulation wealth regardless its effect on smoothing consumption. paper explores implications spirit capitalism monetary policy, growth, and welfare in a Schumpeterian growth model. Different from existing literature, we show money is superneutral long run it could promote economic when strong. Furthermore, optimal nominal interest rate decreases with strength capitalism, potentially supporting negative rate.
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Article history: Received 22 February 2010 Received in revised form 6 December 2010 Accepted 10 December 2010 JEL classification: E10 L16 O31 O40
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ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2023
ISSN: ['1096-6099', '1094-2025']
DOI: https://doi.org/10.1016/j.red.2022.03.001