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Imperfect Information, Money, and Economic Growth

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Author Info
Ho, Wai-Ming

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Abstract

This paper develops an endogenous growth model with financial market imperfections to study the effects of money on economic growth and to examine the role of informational imperfections in the determination of the equilibrium growth path. The findings are summarized as follows: economic growth is slower when there is imperfect information; changes in money growth have qualitatively similar effects on economies with and without private information; and, contrary to the popular view that informational imperfections in credit markets or borrowing constraints tend to amplify the impact of policy interventions, economies with private information are less responsive to changes in monetary policy. Copyright 1996 by Ohio State University Press.

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File URL: http://links.jstor.org/sici?sici=0022-2879%28199611%2928%3A4%3C578%3AIIMAEG%3E2.0.CO%3B2-D&origin=bc
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 28 (1996)
Issue (Month): 4 (November)
Pages: 578-603
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:4:p:578-603

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Canadian Macro Study Group
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  1. Christie Smith, 2004. "The long-run effects of monetary policy on output growth," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, September. [Downloadable!]
  2. Dimitrios Varvarigos, 2006. "Inflation, Variability, and the Evolution of Human Capital in a Model with Transactions Costs," Discussion Paper Series 2006_16, Department of Economics, Loughborough University, revised Jul 2006. [Downloadable!]
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This page was last updated on 2009-12-8.

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