Money and Long-run Growth

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.

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Year of publication:	2011-06
Authors:	Zhou, Ge
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Liquidity Demand \| Endogenous Growth \| Monetary Supply

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	O42 - Monetary Growth Models ; E51 - Money Supply; Credit; Money Multipliers ; O16 - Financial Markets; Saving and Capital Investment
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009323240