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Money supply and capital accumulation on the transition path revisited

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  • Cysne, Rubens Penha
  • Turchick, David

Abstract

Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate ofmoney and the rate of capital accumulation on the transition path. Both plug a CRRA utility(based on a Cobb-Douglas and a Leontief function, respectively) into Sidrauski's model - yetreturn contrasting results. The present analysis, by using a more general CES utility, presents bothof those settings and conclusions as limiting cases, and generates economic gures more consistentwith reality (for instance, the interest-rate elasticity of the money demands derived from thoseprevious works is necessarily 1 and 0, respectively).R

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Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 702.

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Date of creation: 22 Feb 2010
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Handle: RePEc:fgv:epgewp:702

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  1. Michael Woodford, 2007. "How Important is Money in the Conduct of Monetary Policy?," Levine's Working Paper Archive 122247000000001419, David K. Levine.
  2. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(2), pages 407-37, May.
  3. Cysne, Rubens Penha & Turchick, David, 2009. "On the integrability of money-demand functions by the Sidrauski and the shopping-time models," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1555-1562, September.
  4. BENNETT T. McCALLUM, 2008. "How Important Is Money in the Conduct of Monetary Policy? A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 40(8), pages 1783-1790, December.
  5. Jones, Barry & Asaftei, Gabriel & Wang, Lian, 2004. "Welfare Cost Of Inflation In A General Equilibrium Model With Currency And Interest-Bearing Deposits," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 8(04), pages 493-517, September.
  6. Robert E. Lucas, Jr., 2000. "Inflation and Welfare," Econometrica, Econometric Society, Econometric Society, vol. 68(2), pages 247-274, March.
  7. Fischer, Stanley, 1979. "Capital Accumulation on the Transition Path in a Monetary Optimizing Model," Econometrica, Econometric Society, Econometric Society, vol. 47(6), pages 1433-39, November.
  8. Edward Nelson, 2008. "Why money growth determines inflation in the long run: answering the Woodford critique," Working Papers 2008-013, Federal Reserve Bank of St. Louis.
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