Guo, Jang-Ting; Chen, Shu-Hua - In: Economics Bulletin 5 (2008) 13, pp. 1-7
We show that a one-sector AK model of endogenous growth with the most generalized cash-in-advance constraint is able to account for (i) the observed long-run negative relationship between the nominal growth rate of money and the income velocity of money, (ii) the empirically ambiguous effect of...
