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https://hdl.handle.net/10316/93643
Title: | Inflation, Complexity and Endogenous Growth | Authors: | Sequeira, Tiago Gil, Pedro Mazeda Afonso, Óscar |
Keywords: | inflation, endogenous economic growth, complexity effects, entropy | Issue Date: | 24-Jan-2021 | Project: | UIDB/05037/2020 | Abstract: | In this article, we argue that inflation increases complexity pertaining to knowledge production (or R&D). Then, we expand a recently developed complexity index based on entropy to include the effect of inflation. As a result of this new mechanism in an endogenous growth model, inflation is no longer superneutral. In the model, inflation can decrease economic growth in a nonlinear way, a sudden upward shock on inflation can severely hurt economic growth and an inflation cut can be responsible for a take-off. These effects are illustrated quantitatively | URI: | https://hdl.handle.net/10316/93643 | DOI: | 10.1080/00036846.2020.1864274 | Rights: | embargoedAccess |
Appears in Collections: | I&D CeBER - Artigos em Revistas Internacionais |
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File | Description | Size | Format | |
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ComplexityInflation_rev112020.pdf | Inflation, Complexity and Endogenous Growth | 398.78 kB | Adobe PDF | View/Open |
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