Money and Growth Revisited

Peter Howitt

Chapter 12 in Monetary Theory and Thought, 1993, pp 260-283 from Palgrave Macmillan

Abstract: Abstract The literature on money and growth, in the years following the second edition of Don Patinkin’s Money, Interest, and Prices, extended the neoclassical monetary theory which Patinkin had systematised and refined, to cover the case of a growing economy, and to investigate not just the neutrality of money but its superneutrality. The main result of this literature (which Patinkin summarised in the introduction to the recently published abridged 2nd edition) is that there is far less reason to believe in superneutrality than in neutrality. Changes in the rate of monetary expansion, by changing the rate of inflation, will ultimately affect the opportunity cost of holding money, and real allocative effects will result from people’s responses to this increased cost.

Keywords: Monetary Policy; Money Supply; High Inflation; Technology Spillover; Knowledge Capital (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12535-7_12

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DOI: 10.1007/978-1-349-12535-7_12

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