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Anticipated Inflation in a Monetary Economy with Endogenous Growth

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  • Chang, Wen-ya
  • Lai, Ching-chong

Abstract

This paper makes a new attempt to investigate the role of anticipated monetary growth in economic growth. Combining the Barro (1990)-Rebelo (1991)-type endogenous growth model with Sidrauski's (1967) framework, we show that the pre-announcement of money supply behaviour may have significant effects on the rate of growth during the transition process. The key factor in determining adjustment patterns of the economy to anticipated monetary changes is the degree of relative risk aversion. However, changes in the rate of monetary growth do not affect the rate of long-run growth regardless of the degree of relative risk aversion. Copyright 2000 by The London School of Economics and Political Science

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 67 (2000)
Issue (Month): 267 (August)
Pages: 399-417

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Handle: RePEc:bla:econom:v:67:y:2000:i:267:p:399-417

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Cited by:
  1. Chun-chieh Huang & Ching-chong Lai & Juin-jen Chang, 2004. "Working Hours Reduction and Endogenous Growth," IEAS Working Paper : academic research 04-A006, Institute of Economics, Academia Sinica, Taipei, Taiwan.
  2. Zhou, Ge, 2011. "Money and Long-run Growth," MPRA Paper 33765, University Library of Munich, Germany.
  3. Milton H. Marquis, 2001. "Inflation taxes, financial intermediation, and home production," Working Paper Series 2001-04, Federal Reserve Bank of San Francisco.
  4. Luigi Bonatti, 2003. "'Soft' growth and the role of monetary policy in selecting the long-run equilibrium path," Working Papers 0306, University of Bergamo, Department of Economics.
  5. Firouz Gahvari, 2009. "Friedman Rule in a Model with Endogenous Growth and Cash-in-advance Constraint," CESifo Working Paper Series 2708, CESifo Group Munich.
  6. Miao, Jianjun & Xie, Danyang, 2013. "Economic growth under money illusion," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 84-103.
  7. Jianjun Miao & Danyang Xie, . "Monetary Policy and Economic Growth under Money Illusion," Boston University - Department of Economics - Working Papers Series wp2007-045, Boston University - Department of Economics.

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