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宏观workshop：Entrepreneurship and Inflation: Theory and Evidence
发布日期：2015-12-03 07:49 来源：北京大学国家发展研究院
时间：2015年12月03日（周四）13：30 －15：00
地点：北大国家发展研究院 朗润园512
主持人：霍德明 王敏 赵波
主讲人：何超
标题： Entrepreneurship and Inflation: Theory and Evidence
摘要：This paper uses a tractable model to study how the occupational choices of becoming an entrepreneur are affected by inflation. I prove analytically that steady state inflation increases entrepreneurship and that inflation first raise and then reduces output if the fixed cost of entrepreneurship is high, but always reduces output if the cost is low. The theory also predicts that in high business cost economies, central banks, who aim to minimize the usual loss function, would respond to a higher business cost by choosing a higher inflation rate. These implications are then examined using a panel from 2004 to 2011 with 102 countries. I find that long-run inflation is indeed positively associated with entrepreneurship. Although long-run inflation and growth appear to be unrelated, once we control for business cost, inflation negatively affects growth only in low business cost economies. I also confirm the correlation of business cost and inflation as theory predicts. Retirement ratio, education and democracy are also found to be related to inflation.主讲人简介：何超，上海财经大学经济学院助理教授（讲师）。2006年西南财经大学国际金融学专业本科毕业，2012年获得美国威斯康星大学麦迪逊分校经济学博士学位，2012~2015曾就职于中国人民大学汉青经济与金融高级研究院。主要研究兴趣是宏观、货币、劳动经济学和金融经济学。现在的研究包括通货膨胀如何影响企业家职业选择，房地产泡沫与流动性关系，大学扩招对大学生失业的影响，中小企业贷款难问题，美国后危机时代持续的高失业率。
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宏观workshop：Entrepreneurship and Inflation: Theory and Evidence
发布日期：2015-12-03 07:49 来源：北京大学国家发展研究院
时间：2015年12月03日（周四）13：30 －15：00
地点：北大国家发展研究院 朗润园512
主持人：霍德明 王敏 赵波
主讲人：何超
标题： Entrepreneurship and Inflation: Theory and Evidence
摘要：This paper uses a tractable model to study how the occupational choices of becoming an entrepreneur are affected by inflation. I prove analytically that steady state inflation increases entrepreneurship and that inflation first raise and then reduces output if the fixed cost of entrepreneurship is high, but always reduces output if the cost is low. The theory also predicts that in high business cost economies, central banks, who aim to minimize the usual loss function, would respond to a higher business cost by choosing a higher inflation rate. These implications are then examined using a panel from 2004 to 2011 with 102 countries. I find that long-run inflation is indeed positively associated with entrepreneurship. Although long-run inflation and growth appear to be unrelated, once we control for business cost, inflation negatively affects growth only in low business cost economies. I also confirm the correlation of business cost and inflation as theory predicts. Retirement ratio, education and democracy are also found to be related to inflation.主讲人简介：何超，上海财经大学经济学院助理教授（讲师）。2006年西南财经大学国际金融学专业本科毕业，2012年获得美国威斯康星大学麦迪逊分校经济学博士学位，2012~2015曾就职于中国人民大学汉青经济与金融高级研究院。主要研究兴趣是宏观、货币、劳动经济学和金融经济学。现在的研究包括通货膨胀如何影响企业家职业选择，房地产泡沫与流动性关系，大学扩招对大学生失业的影响，中小企业贷款难问题，美国后危机时代持续的高失业率。
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