On the growth and velocity effects of money

Jang-Ting Guo and Shu-Hua Chen ()
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Shu-Hua Chen: Shih Chien University

Economics Bulletin, 2008, vol. 5, issue 13, 1-7

Abstract: We show that a one-sector AK model of endogenous growth with the most generalized cash-in-advance constraint is able to account for (i) the observed long-run negative relationship between the nominal growth rate of money and the income velocity of money, (ii) the empirically ambiguous effect of changing inflation on the economy's output growth, and (iii) the divergent growth experience of countries that start with similar macroeconomic conditions.

JEL-codes: E5 O4 (search for similar items in EconPapers)
Date: 2008-04-02
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Citations: View citations in EconPapers (5)

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