Money and Long-run Growth

Ge Zhou

MPRA Paper from University Library of Munich, Germany

Abstract: This paper revisits the relationship between money and long-run growth when liquidity demand at the �rm level is explicitly modelled. Through a set of sensitivity analyses, I �nd that this relationship could be positive, negative, or display a hump shape depending on the size of average liquidity demand and the level of �nancial development. These results explain why existing empirical studies report mixed �ndings on the relationship.

Keywords: Liquidity Demand; Endogenous Growth; Monetary Supply (search for similar items in EconPapers)
JEL-codes: E51 O16 O42 (search for similar items in EconPapers)
Date: 2011-06
New Economics Papers: this item is included in nep-fdg and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:33765

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