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Velocity and Monetary Expansion in a Growing Economy with Interest-Rate Control

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  • Seiya Fujisaki

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    (Graduate School of Economics, Osaka University)

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    Abstract

    We analyze the income velocity of money in an endogenous growth model with an interest-rate control rule and a cash-in-advance (CIA) constraint. We show that the long-term relationship between the income velocity of money and the nominal growth rate of money supply depends not only on the form of the CIA constraint but also on the central bankfs stance of interest-rate control rule.

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0909.pdf
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    Bibliographic Info

    Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 09-09.

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    Length: 14 pages
    Date of creation: Mar 2009
    Date of revision:
    Handle: RePEc:osk:wpaper:0909

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    Web page: http://www.econ.osaka-u.ac.jp/
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    Related research

    Keywords: velocity; an interest-rate control; endogenous growth; cash-in-advance constraint;

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    1. repec:ebl:ecbull:v:5:y:2007:i:11:p:1-7 is not listed on IDEAS
    2. repec:ebl:ecbull:v:5:y:2008:i:13:p:1-7 is not listed on IDEAS
    3. Chen, Shu-Hua & Guo, Jang-Ting, 2008. "Velocity of money, equilibrium (in)determinacy and endogenous growth," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 1085-1096, September.
    4. Qinglai Meng & Chong Yip, 2004. "Investment, interest rate rules, and equilibrium determinacy," Economic Theory, Springer, vol. 23(4), pages 863-878, May.
    5. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
    6. Jang-Ting Guo & Shu-Hua Chen, 2008. "On the growth and velocity effects of money," Economics Bulletin, AccessEcon, vol. 5(13), pages 1-7.
    7. Ming Hon Suen & Chong K. Yip, 2001. "Superneutrality, Indeterminacy, and Endogenous Growth," Departmental Working Papers _136, Chinese University of Hong Kong, Department of Economics.
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