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A Two-Sector Model of Endogenous Growth with Money

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  • Salvatore CAPASSO

    (CNR, ISSM and IDEGA, University of Santiago de Compostela, Spain)

Abstract

Use a two-sector model in which both physical and human capital is employed in the production process, and real money balances function as a Hicks neutral technological factor in the production of physical goods. Even though money has no effect on steady state growth, its inclusion as a production factor forces production parameters to remain within a specific range of values, so that human capital and physical capital grow at different rates. In this model, steady state growth is not influenced (as it usually is) by the parameters by which the willingness to save is determined, such as the rate of time preference or rates of depreciation. Rather, it is determined solely by the form and parameters of the production functions.

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Bibliographic Info

Article provided by Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore in its journal Rivista Internazionale di Scienze Sociali.

Volume (Year): 112 (2004)
Issue (Month): 3 ()
Pages: 255-275

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Handle: RePEc:vep:journl:y:2004:v:112:i:3:p:255-275

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Related research

Keywords: inflation and growth; money in the production function; superneutrality;

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