Basu, Parantap; Gillman, Max; Pearlman, Joseph - In: Journal of Economic Dynamics and Control 36 (2012) 7, pp. 1057-1074
A strong US postwar low frequency negative correlation exists between inflation and Tobin's q. To explain this, a production-based monetary asset pricing model is formulated with a rising marginal cost of investment, cash-in-advance and human capital based endogenous growth. Higher money supply...