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 non-linearity found repeatedly 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. Undisclosed 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2005/15
Klassifikation
Wirtschaft
Monetary Growth Models
Price Level; Inflation; Deflation
Investment; Capital; Intangible Capital; Capacity
Monetary Growth Models
Price Level; Inflation; Deflation
Investment; Capital; Intangible Capital; Capacity
Thema
Human capital
cash-in-advance
interest-elasticity
credit production
cash-in-advance
interest-elasticity
credit production
Ereignis
Geistige Schöpfung
(wer)
Gillman, Max
Kejak, Michal
Kejak, Michal
Ereignis
Veröffentlichung
(wer)
Cardiff University, Cardiff Business School
(wo)
Cardiff
(wann)
2005
- Handle
- Letzte Aktualisierung
-
12.07.2024, 13:26 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Gillman, Max
- Kejak, Michal
- Cardiff University, Cardiff Business School
Entstanden
- 2005
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