Publications
Detailed Information
Money, Inflation and Growth
Cited 0 time in
Web of Science
Cited 0 time in Scopus
- Authors
- Issue Date
- 1996-04
- Citation
- Seoul Journal of Economics, Vol.9 No.2, pp. 145-162
- Abstract
- Money is introduced into an endogenous growth model in which exchange requires cash-in-advance. We show that the decentralized competitive outcome is an inefficient balanced growth equilibrium in which money affects growth through two independent channels: externality in production and private transactions cost in exchange. We compute the growth (and welfare) maximizing monetary policy which trades off these two effects. We also show that, in the absence of the externality, efficiency is restorable by means of a well-known optimum money supply rule.
- ISSN
- 1225-0279
- Language
- English
- Files in This Item:
Item View & Download Count
Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.