 Inflação e o valor da inovação: como a inflação afeta a inovação e a estratégia de valor das firmasInflation and innovation value: How inflation affects innovation and the value strategy across firmsLeonardo Andrade Rocha (), Leonardo Querido Cárdenas (), Felipe Alves Reis (), Napiê Galvê Araújo Silva () and Carlos Alano Soares de Almeida () Estudios Economicos, 2021, vol. 038 (Nueva Serie), issue 76, 147-195 Abstract: This research analyzes the effects of inflation on R&D investments and innovation-driven growth. For this, an innovation-driven growth model was built in which firms invest own resources and resources from financial institutions. Credit costs depend on the interest rate charged by these institutions. In an inflation-targeting regime, the monetary authority adjusts the nominal interest rate in order to converge current inflation to the established target. It adjusts the interest rate of financial institutions, changing the opportunity cost of investments. As a result, rising inflation promotes a reduction in R&D investments demand, reducing the rate of technological progress. In the empirical exercise of the model, the estimated coefficient of elasticity of R&D investments is negatively affected by inflation Keywords: inovação; inflação; I&D; innovation; inflation; R&D (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:uns:esteco:v:38:y:2021:i:76:p:147-195 Access Statistics for this article More articles in Estudios Economicos from Universidad Nacional del Sur, Departamento de Economia Contact information at EDIRC. |
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