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New Technology Spillovers into the Payment System

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  • Marquis, M.H.
  • Reffett, K.

Abstract

In modern economies, multiple means of payment associated with the exchange of goods coexist. This paper examines one such payment system in an economy with endogenous technological change. It consists of money and a costly accounting system that receives spillovers from new technologies. Positive nominal interest rates are shown to produce welfare losses by inducing a reallocation of human capital into the payment system and out of the production of final goods and new knowledge. The former substitution produces level effects on output and the latter produces growth effects. At higher levels of inflation, these marginal effects are seen to be weaker. Copyright 1994 by Royal Economic Society.

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Bibliographic Info

Paper provided by Department of Economics, Florida State University in its series Working Papers with number 1992_04_2.

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Length: 32 pages
Date of creation: 1992
Date of revision:
Handle: RePEc:fsu:wpaper:1992_04_2

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Keywords: economic growth ; technology ; human resources;

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