Inflation, Financial Development and Human Capital-Based Endogenous Growth: an Explanation of Ten Empirical Findings

Max Gillman and Michal Kejak ()

CDMA Conference Paper Series from Centre for Dynamic Macroeconomic Analysis

Abstract: The paper presents a general equilibrium that can explain ten related sets of empirical results, providing a unified approach to understand usually disparate effects typically treated separately. These are grouped into two sets, one on financial development, investment and inflation, and one on inflations effect on other economy-wide variables such as growth, real interest rates, employment, and money demand. The unified approach also contributes a systematic explanation of certain nonlinearities that are found across these results, as based on the production function for financial intermediary services and the resultant money demand function.

Keywords: Inflation; financial development; growth; exchange credit production (search for similar items in EconPapers)
JEL-codes: C23 E44 O16 O42 (search for similar items in EconPapers)
Date: 2007-11
New Economics Papers: this item is included in nep-dev, nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:san:cdmacp:0703

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