Joydeep Bhattacharya (Cornell University, Department of Economics) Mark G. Guzman (Cornell University, Department of Economics) Elisabeth Huybens () (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM)) Bruce D. Smith () (Cornell University, Department of Economics)
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Most monetary growth models have a relatively simple structure. There are two assets, money and capital, and money is held either because it earns the same real return as capital, or because it is ascribed an advantage in transacting that is not explicitly modelled. Financial market institutions are not present, nor are the financial market frictions that presumably motivate monetary exchange. These are important omissions since, for example, they preclude any discussion of how financial market regulations impact on capital accumulation or the rate of inflation. This is an issue of great importance in development economics.
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Paper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number
9501.
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