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Money, Human Capital, and Growth

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  • Akira Yakita

Abstract

Our purpose is to examine the effect of monetary expansion on capital accumulation and economic growth in an overlapping generations model with the growth engine of human capital accumulation. It is shown that, under the money-in-the-utility-function approach, money growth stimulates human capital accumulation of individuals, through asset demand shifts from money to capital and arbitrage movements from physical to human capital. So it also boosts balanced-equilibrium growth of the economy. Thus, the positive growth effect of monetary expansion is immune to changes from physical to human capital as the growth engine.

Suggested Citation

  • Akira Yakita, 2002. "Money, Human Capital, and Growth," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 58(3), pages 244-259, July.
    • Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200207)58:3_244:mhcag_2.0.tx_2-5
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    More about this item

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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