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این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۱۲ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: h699
سال نشر: ۲۰۲۱
نام ناشر (پایگاه داده): الزویر
نام مجله: Economic Modelling
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۱۲ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۱ : تورم ، رشد اقتصادی و هزینه های آموزشی
عنوان کامل انگلیسی:
Inflation, economic growth and education expenditure
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Abstract
Recent evidence shows that different inflation rates have effects on long-run economic growth. We follow the increasing interest in the issue offering a new explanation for the influence of monetary policy on economic growth: cash requirements for household expenditures in education. We devise an endogenous growth model with cash-in-advance (CIA) constraints in several sectors (education, horizontal R&D, vertical R&D, and manufacturing and consumption) and study its steady-state and transitional dynamics. In particular, the CIA constraint in education expenditures of households is essential to obtain a negative relationship between inflation and economic growth on the long- run. Quantitatively, this monetary endogenous growth model replicates both the small influence of monetary policy on growth, while highlighting the effects it can have on welfare and the allocation of resources in different sectors in the economy.
Keywords: Endogenous economic growth, Inflation, Interest rate, Monetary policy, Cash-in-advance (CIA)
۱.Introduction
Until very recently endogenous growth theory had ignored the mechanics under which monetary policy can influence endogenous growth (examples of early studies are Jones and Manuelli, 1995; Chari et al., 1995). As is recognized by Klump and de LaGrandville (2000) and Klump and Jurkat (2018), empirical research has pointed out the negative effects of inflation on growth while economic growth theory has been dominated by the superneutrality result. On the one hand, most central banks are constitutionally committed to price stability. On the other hand, price instability seems to have important short-run welfare effects (Lucas, 2000).2 which explains that the inflation-growth nexus is paramount. Our novel contribution to that explanation considers a human capital accumulation sector in which households do need cash to cover expenditures related to education. This proves to be crucial in explaining the long-term relationship between inflation and economic growth. We generally refer to such costs as tuition fees, although they include all non-opportunity costs linked with education…
۶.Conclusions
The effects of monetary policy on economic growth rates in the long run are present in empirical results while theoretical approaches have been dominated by the superneutrality result until recently. This contradiction between empirical and theoretical results has generated increasing interest from economists, especially due to the real-economy oriented policy approaches some central banks have implemented following the subprime crisis and even before (e.g. in the Japanese case)…
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