Velocity and Monetary Expansion in a Growing Economy with Interest-Rate Control

Seiya Fujisaki ()
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Seiya Fujisaki: Graduate School of Economics, Osaka University

No 09-09, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: We analyze the income velocity of money in an endogenous growth model with an interest-rate control rule and a cash-in-advance (CIA) constraint. We show that the long-term relationship between the income velocity of money and the nominal growth rate of money supply depends not only on the form of the CIA constraint but also on the central bank fs stance of interest-rate control rule.

Keywords: velocity; an interest-rate control; endogenous growth; cash-in-advance constraint (search for similar items in EconPapers)
JEL-codes: E52 O42 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2009-03
New Economics Papers: this item is included in nep-cba, nep-dge, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:0909

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