Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks
نویسندگان
چکیده
منابع مشابه
Velocity of Money, Equilibrium (In)determinacy and Endogenous Growth∗
We show that in a canonical one-sector AK model of endogenous growth with a generalized cash-in-advance constraint, the growth and velocity effects of money are closely related to the local stability properties of the economy’s balanced growth paths. When a positive fraction (excluding 100 percent) of gross investment is subject to the liquidity constraint, the economy displays saddle-path stab...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2008
ISSN: 0022-2879,1538-4616
DOI: 10.1111/j.1538-4616.2008.00157.x