Money, Growth and Indeterminacy

Stefano Bosi ()
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Stefano Bosi: EPEE, University of Evry-Val d’Essonne

No 99-04, Documents de recherche from Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne

Abstract: In this article consumers need money to reduce their transaction costs. We highlight the existence of indeterminacy under a constant money growth within an endogenous growth framework. Real indeterminacy is avoided by an alternative monetary policy such as the interest pegging. The residual price indeterminacy is also ruled out if this monetary policy is completed by a non-Ricardian …scal policy.

Keywords: transaction costs; endogenous growth; indeterminacy; price level determination (search for similar items in EconPapers)
JEL-codes: E32 E40 O42 (search for similar items in EconPapers)
Pages: 29 pages
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:eve:wpaper:99-04

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