EconPapers    
Economics at your fingertips  
 

Money and growth revisited

Paul Gomme ()

No 55, Discussion Paper / Institute for Empirical Macroeconomics from Federal Reserve Bank of Minneapolis

Abstract: Results in Lucas (1987) suggest that if public policy can affect the growth rate of the economy, the welfare implications of alternative policies will be large. In this paper, a stochastic, dynamic general equilibrium model with endogenous growth and money is examined. In this setting, inflation lowers growth through its effect on the return to work. However, the welfare costs of higher inflation are modest.

Keywords: Monetary policy; Money supply; Business cycles (search for similar items in EconPapers)
Date: 1991
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (34) Track citations by RSS feed

Downloads: (external link)
http://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=53
http://www.minneapolisfed.org/research/DP/DP55.pdf (application/pdf)

Related works:
Journal Article: Money and growth revisited: Measuring the costs of inflation in an endogenous growth model (1993) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:fip:fedmem:55

Ordering information: This working paper can be ordered from
http://www.minneapolisfed.org/pubs/

Access Statistics for this paper

More papers in Discussion Paper / Institute for Empirical Macroeconomics from Federal Reserve Bank of Minneapolis Contact information at EDIRC.
Series data maintained by Janelle Ruswick ().

 
Page updated 2017-07-16
Handle: RePEc:fip:fedmem:55