オガワ　タカユキ   OGAWA Takayuki
  小川　貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2026/05/24
形態種別 その他
標題 Price-index Bias and Innovation under Demand Stagnation
執筆形態 単著
掲載誌名 SSRN Working Paper
掲載区分国外
出版社・発行元 SSRN (Social Science Research Network)
総ページ数 39
著者・共著者 Takayuki Ogawa
概要 This paper studies how price-index measurement shapes the macroeconomic effects of innovation under persistent demand shortage. We develop a monetary general equilibrium model with consumption-and intermediate-goods innovation and measurement biases in price indexes. When the consumer price index (CPI) fully captures the welfare gains from consumption variety and quality, both types of innovation operate through productivity improvements. Under demand shortage, this widens the deflationary demand gap and lowers demand for welfare-relevant consumption services. If the CPI instead misses some of these gains, consumption-goods innovation also raises the marginal utility of CPI-deflated expenditure relative to real money balances, lowering the liquidity premium and stimulating demand for consumption services. In contrast, intermediate-goods innovation is contractionary because it improves production efficiency without changing consumer valuation. Thus, R&D policy in stagnation should be evaluated by the types of goods being innovated and by whether price indexes capture the welfare gains from those innovations.
DOI http://dx.doi.org/10.2139/ssrn.6823138