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Is Money an Omitted Variable in the Production Function? Some Further Results

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  • Hasan, M Aynul
  • Mahmud, Syed F

Abstract

In recent years, numerous studies have emphasized the role of balances in the production function in terms of money being useful: as an intermediate good; as liquid reserves for investment; and also serving as a link between aggregate supply and the nominal interest rate. In this paper we report new Canadian empirical evidence regarding the important role of money in the production process of aggregate manufacturing industries based on a flexible translog cost function approach. In general, our results support the hypothesis that money is an important factor in the production function and that there are potential supply side effects of a change in the interest rate.

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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 18 (1993)
Issue (Month): 3 ()
Pages: 431-45

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Handle: RePEc:spr:empeco:v:18:y:1993:i:3:p:431-45

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Cited by:
  1. repec:hal:wpaper:hal-00800539 is not listed on IDEAS
  2. repec:hal:cesptp:hal-00800539 is not listed on IDEAS
  3. Erdem Başçi & Syed F. Mahmud & Eray M. Yucel, 2007. "Money and Productive Efficiency: Evidence from a High-Inflation Country," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 43(1), pages 64-73, February.
  4. Shaw, Ming-Fu & Lai, Ching-Chong & Chang, Wen-Ya, 2005. "Anticipated policy and endogenous growth in a small open monetary economy," Journal of International Money and Finance, Elsevier, vol. 24(5), pages 719-743, September.
  5. Bafile, Romina & Piergallini, Alessandro, 2011. "Firms’ Money Demand and Monetary Policy," MPRA Paper 29028, University Library of Munich, Germany.
  6. Benchimol , Jonathan, 2013. "Money in the Production Function: a new Keynesian DSGE perspective," ESSEC Working Papers WP1304, ESSEC Research Center, ESSEC Business School.

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