This paper presents examination of how a pension policy affects income growth and the inflation rate in a utility model …. Even if the contribution rate of pension increases because of an aging society, an aging society increases income growth … and the inflation rate. Moreover, this paper presents examination of the optimal growth rate of the money supply. Because …

This paper studies the relation between money supply and the long-run economic growth in the context of an endogenous … growth model with overlapping generations. We present detailed analyses of growth and welfare effects of monetary expansion … under alternative money supply rules. It is shown that, although monetary expansion has a growth-enhancing effect in the …

-run equilibrium characteristic of a two-region model with fixed exchange rates, heterogeneous labor markets, and endogenous growth …. Under flexible exchange rates, monetary policy closes output gaps and realizes the associated maximum TFP growth in both … regions. Upon fixing exchange rates, the region with higher structural wage inflation falls into a low-growth trap. When …