Specialization, Transactions Technologies, and Money Growth

Harold Cole and Alan Stockman

International Economic Review, 1992, vol. 33, issue 2, 283-98

Abstract: This paper develops a differentiated product model with endogenous specialization in which either money or a costly alternative transactions technology can be used for market purchases. The authors discuss the real effects of monetary growth in this model--which differ from those in standard cash-in-advance models--and the implied interest sensitivity of money demand in general equilibrium. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1992
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Related works:
Working Paper: Specialization, Transactions Technologies, and Money Growth (1988)
Working Paper: SPECIALIZATION, TRANSACTIONS TECHNOLOGIES, AND MONEY GROWTH (1988)
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