Money, Inflation and Growth

DC Field Value Language
dc.contributor.authorBlackburn, Keith-
dc.contributor.authorHung, Victor T.Y.-
dc.identifier.citationSeoul Journal of Economics 9 (No. 2 1996): 145-162en
dc.description.abstractMoney 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.-
dc.publisherSeoul Journal of Economicsen
dc.subjectendogenous growth modelen
dc.subjectoptimum money supply ruleen
dc.titleMoney, Inflation and Growthen
dc.typeSNU Journalen
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.09(2) (Summer 1996)
Files in This Item:
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.