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Imperfect Information, Money and Economic Growth

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Author Info

  • Ho, W.H.

Abstract

This paper develops an endogenous growth model with financial market imperfections to study the effects of money on economic growth and to examine the role of informational imperfections in the determination of the equilibrium growth path. The findings are summarized as follows: economic growth is slower when there is imperfect information; changes in money growth have qualitatively similar effects on economies with and without private information; and, contrary to the popular view that informational imperfections in credit markets or borrowing constraints tend to amplify the impact of policy interventions, economies with private information are less responsive to changes in monetary policy. Copyright 1996 by Ohio State University Press.

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Bibliographic Info

Paper provided by University of Waterloo, Department of Economics in its series Working Papers with number 9507.

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Length: 28 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:wat:wpaper:9507

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Postal: Waterloo, Ontario, N2L 3G1
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Web page: http://economics.uwaterloo.ca/
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Related research

Keywords: INFORMATION; FINANCIAL MARKET; ECONOMIC GROWTH;

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Cited by:
  1. Ftiti, Zied, 2010. "The macroeconomic performance of the inflation targeting policy: An approach based on the evolutionary co-spectral analysis (extension for the case of a multivariate process)," Economic Modelling, Elsevier, vol. 27(1), pages 468-476, January.
  2. Christie Smith, 2004. "The long-run effects of monetary policy on output growth," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, September.
  3. Varvarigos, Dimitrios, 2008. "Inflation, variability, and the evolution of human capital in a model with transactions costs," Economics Letters, Elsevier, vol. 98(3), pages 320-326, March.
  4. Robert Amano & Tom Carter & Kevin Moran, 2012. "Inflation and Growth: A New Keynesian Perspective," Working Papers 12-23, Bank of Canada.
  5. Dimitrios Varvarigos, 2006. "Inflation, Variability, and the Evolution of Human Capital in a Model with Transactions Costs," Discussion Paper Series 2006_16, Department of Economics, Loughborough University, revised Jul 2006.

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