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Money, Inflation and Growth
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Blackburn, Keith | - |
dc.contributor.author | Hung, Victor T.Y. | - |
dc.date.accessioned | 2009-01-21 | - |
dc.date.available | 2009-01-21 | - |
dc.date.issued | 1996-04 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.9 No.2, pp. 145-162 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/1080 | - |
dc.description.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. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | endogenous growth model | - |
dc.subject | cash-in-advance | - |
dc.subject | optimum money supply rule | - |
dc.title | Money, Inflation and Growth | - |
dc.type | SNU Journal | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 162 | - |
dc.citation.number | 2 | - |
dc.citation.pages | 145-162 | - |
dc.citation.startpage | 145 | - |
dc.citation.volume | 9 | - |
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