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The growth and welfare analysis of patent and monetary policies in a Schumpeterian economy
Huang,Chien Yu1,2; Yang,Yibai3; Cheng,Chu Chuan4
2017-12-19
Source PublicationInternational Review of Economics and Finance
ISSN10590560
Volume52Pages:409-426
Abstract

This study compares the growth and welfare implications of patent policy and monetary policy in a Schumpeterian growth model where the market power of firms is subject to patent breadth whereas consumption and R&D investment are subject to cash-in-advance (CIA) constraints, respectively. The main findings are as follows. First, monetary policy is more effective than patent policy and the mix of these policies in terms of stimulating economic growth if initial patent protection in the economy is strong. Second, the welfare difference between patent policy and monetary policy is ambiguous, depending on the levels of predetermined instruments under these policies. However, these policy regimes are (weakly) dominated by their combination in terms of raising social welfare.

KeywordEconomic Growth Monetary Policy Patent Policy Social Welfare
DOI10.1016/j.iref.2017.03.010
URLView the original
Indexed BySCIE
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectBusiness, Finance ; Economics
WOS IDWOS:000423651100029
Fulltext Access
Citation statistics
Cited Times [WOS]:8   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF ECONOMICS
Personal research not belonging to the institution
Corresponding AuthorYang,Yibai
Affiliation1.Institute of Urban DevelopmentNanjing Audit University,Nanjing,211815,China
2.School of EconomicsSouthwestern University of Finance and Economics,Chengdu,611130,China
3.GEP ChinaIAPS and School of EconomicsUniversity of Nottingham Ningbo China,Ningbo,315100,China
4.Department of AccountingFeng Chia University,Taichung,40724,Taiwan
Recommended Citation
GB/T 7714
Huang,Chien Yu,Yang,Yibai,Cheng,Chu Chuan. The growth and welfare analysis of patent and monetary policies in a Schumpeterian economy[J]. International Review of Economics and Finance,2017,52:409-426.
APA Huang,Chien Yu,Yang,Yibai,&Cheng,Chu Chuan.(2017).The growth and welfare analysis of patent and monetary policies in a Schumpeterian economy.International Review of Economics and Finance,52,409-426.
MLA Huang,Chien Yu,et al."The growth and welfare analysis of patent and monetary policies in a Schumpeterian economy".International Review of Economics and Finance 52(2017):409-426.
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