Inflation, innovation, and growth: A survey

Bulletin of Economic Research, 2022, vol. 74, issue 3, 863-878

Abstract: In this survey, we provide a selective review of the literature on inflation, innovation, and economic growth. The relationship between economic growth and inflation is a fundamental question in economics. Most studies in this literature explore this relationship in capital‐based growth models. This survey reviews a recent branch of this literature on inflation and innovation‐driven growth. Specifically, we use a canonical monetary Schumpeterian growth model to demonstrate the effects of inflation on innovation and the macroeconomy via different channels. We find that the cash‐in‐advance constraints on consumption and R&D investment have drastically different implications on the macroeconomic effects of inflation.

Date: 2022
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https://doi.org/10.1111/boer.12323

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Working Paper: Inflation, Innovation and Growth: A Survey (2020)
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