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

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Author Info
Seiya Fujisaki () (Graduate School of Economics, Osaka University)
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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Publisher 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;

Find related papers by JEL classification:
O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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  1. 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. [Downloadable!] (restricted)
  2. Shu-Hua Chen & Jang-Ting Guo, 2008. "On the growth and velocity effects of money," Economics Bulletin, Economics Bulletin, vol. 5(13), pages 1-7. [Downloadable!]
  3. Seiya Fujisaki & Kazuo Mino, 2007. "Generalized Taylor Rule and Determinacy of Growth Equilibrium," Economics Bulletin, Economics Bulletin, vol. 5(11), pages 1-7. [Downloadable!]
  4. Qinglai Meng & Chong Yip, 2004. "Investment, interest rate rules, and equilibrium determinacy," Economic Theory, Springer, vol. 23(4), pages 863-878, May. [Downloadable!] (restricted)
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  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. [Downloadable!] (restricted)
  6. Suen, Ming-Hon & Yip, Chong K., 2005. "Superneutrality, indeterminacy and endogenous growth," Journal of Macroeconomics, Elsevier, vol. 27(4), pages 579-595, December. [Downloadable!] (restricted)
    Other versions:
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