Hasan, M. Aynul; Mahmud, Syed F. - In: Indian Economic Review 27 (1992) July, pp. 91-98
This paper purports to re-examine the role of real money balances in the production process in a dynamic framework. The dynamic demand system estimated consists of demand for labour, capital and real money balances. This demand system is based on the work of Morrison and Berndt. The main finding...