Inflation, Variability, and the Evolution of Human Capital in a Model with Transactions Costs

Dimitrios Varvarigos ()
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Dimitrios Varvarigos: Dept of Economics, Loughborough University

Discussion Paper Series from Department of Economics, Loughborough University

Abstract: In a monetary growth model, I show that average inflation inhibits growth while inflation volatility enhances it. The effect of nominal volatility on human capital accumulation depends on the response of money demand and the corresponding extent of transactions costs rather than from a direct, precautionary motive.

Keywords: money; growth; volatility. (search for similar items in EconPapers)
JEL-codes: E32 E60 O42 (search for similar items in EconPapers)
Date: 2006-07, Revised 2006-07
New Economics Papers: this item is included in nep-cba, nep-dge, nep-mac and nep-mon
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