In this paper, we explore the relationship between inflation and unemployment in a monetary Schumpeterian growth model. Under the cash-in-advance (CIA) constraint on research and development (R&D), higher inflation reduces innovation and increases unemployment. Under the CIA constraint on consumption, higher inflation also reduces innovation but decreases unemployment instead. Therefore, the two CIA constraints imply drastically different relationships between inflation and unemployment. This theoretical result is consistent with our empirical finding, and it provides a plausible explanation for the mixed empirical results in the literature. Calibrating our model to aggregate data in the United States and the Eurozone, we also explore the relationship between inflation and unemployment quantitatively.

中文翻译：

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熊彼特经济中的通货膨胀、失业和经济增长*

在本文中，我们探讨了货币熊彼特增长模型中通货膨胀与失业之间的关系。在研发 (R&D) 的预付现金 (CIA) 约束下，较高的通货膨胀会减少创新并增加失业率。在中央情报局对消费的限制下，较高的通货膨胀也会减少创新，但反而会降低失业率。因此，中央情报局的两个限制意味着通货膨胀和失业之间的关系截然不同。这一理论结果与我们的实证结果一致，它为文献中的混合实证结果提供了合理的解释。校准我们的模型以汇总美国和欧元区的数据，我们还定量地探讨了通货膨胀与失业之间的关系。