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Реальные Деньги И Экономический Рост
[Real Money and Economic Growth]

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Listed:
  • BLINOV, Sergey

Abstract

People recognized the important role played by money a long time ago. But it was only approximately 50 years ago that Milton Friedman convincingly proved that change in the quantity of money in the economy may have a very serious effect on the GDP. This paper reveals a most intimate non-linear linkage between growth of real GDP and growth of real money supply using the example of a number of countries and unions (Russia, Japan, Brazil, Eurozone). It is shown that exponential growth of real money supply corresponds to linear growth of real GDP. Two hypotheses are advanced which explain such a nature of the inter-linkage as well as practical recommendations are given which pertain, first of all, to monetary policy.

Suggested Citation

  • BLINOV, Sergey, 2015. "Реальные Деньги И Экономический Рост [Real Money and Economic Growth]," MPRA Paper 67256, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:67256
    as

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    File URL: https://mpra.ub.uni-muenchen.de/67256/1/MPRA_paper_67256.pdf
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    References listed on IDEAS

    as
    1. Eichengreen, Barry & Sachs, Jeffrey, 1985. "Exchange Rates and Economic Recovery in the 1930s," The Journal of Economic History, Cambridge University Press, vol. 45(4), pages 925-946, December.
    2. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, July.
    3. Choudhri, Ehsan U & Kochin, Levis A, 1980. "The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 565-574, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    GDP; economic growth; money supply; monetary policy; Central Banks;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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