Arbeitspapier
Inflation and Balanced-Path Growth with Alternative Payment Mechanisms
The paper shows that contrary to conventional wisdom an endogenous growth economy with human capital and alternative payment mechanisms can robustly explain major facets of the long run inflation experience. A negative inflation-growth relation is explained, including a striking nonlinearity found re-peatedly in empirical studies. A set of Tobin (1965) effects are also explained and, further, linked in magnitude to the growth effects through the interest elasticity of money demand. Undis-closed previously, this link helps fill out the intuition of how the inflation experience can be plausibly explained in a robust fashion with a model extended to include credit as a payment mechanism.
- Language
-
Englisch
- Bibliographic citation
-
Series: IEHAS Discussion Papers ; No. MT-DP - 2004/2
- Classification
-
Wirtschaft
Monetary Growth Models
Price Level; Inflation; Deflation
Investment; Capital; Intangible Capital; Capacity
- Subject
-
Human capital
cash-in-advance
interest-elasticity
credit production
- Event
-
Geistige Schöpfung
- (who)
-
Gillman, Max
Kejak, Michal
- Event
-
Veröffentlichung
- (who)
-
Hungarian Academy of Sciences, Institute of Economics
- (where)
-
Budapest
- (when)
-
2004
- Handle
- Last update
- 10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Gillman, Max
- Kejak, Michal
- Hungarian Academy of Sciences, Institute of Economics
Time of origin
- 2004
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