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Further Theoretical and Empirical Evidence on Money to Growth Relation

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  • Alexandru Minea

    ()

  • Christophe Rault

    ()

  • Patrick Villieu

    ()

Abstract

This paper proposes a theoretical growth model where seigniorage can be used to finance productive public spending, and show the existence of nonlinear effects between seigniorage and economic growth. Empirical evidence based on panel regression techniques provides some support for these nonlinear effects on a sample of OECD countries over the 1978-2005 period.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp909.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp909.

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Length: pages
Date of creation: 01 Feb 2008
Date of revision:
Handle: RePEc:wdi:papers:2008-909

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Keywords: economic growth; nonlinear effects of monetary policy;

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  1. Stockman, Alan C., 1981. "Anticipated inflation and the capital stock in a cash in-advance economy," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 387-393.
  2. Satya Paul & Colm Kearney & Kabir Chowdhury, 1997. "Inflation and economic growth: a multi-country empirical analysis," Applied Economics, Taylor and Francis Journals, vol. 29(10), pages 1387-1401.
  3. Daniel Bolton & W. Robert & J. Alexander, 2001. "The differing consequences of low and high rates of inflation," Applied Economics Letters, Taylor and Francis Journals, vol. 8(6), pages 411-414.
  4. Palivos, Theodore & Yip, Chong K, 1995. "Government Expenditure Financing in an Endogenous Growth Model: A Comparison," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1159-78, November.
  5. Arai, Mahmood & Kinnwall, Mats & Skogman Thoursie, Peter, 2002. "Cyclical and Causal Patterns of Inflation and GDP Growth," Research Papers in Economics 2002:5, Stockholm University, Department of Economics.
  6. Richard C.K. Burdekin & Arthur T. Denzau & Manfred W. Keil & Thitithep Sitthiyot & Thomas D. Willett, . "When Does Inflation Hurt Economic Growth? Different Nonlinearities for Different Economies," Claremont Colleges Working Papers 2000-22, Claremont Colleges.
  7. David Black & Michael Dowd & Kristen Keith, 2001. "The inflation/growth relationship: evidence from state panel data," Applied Economics Letters, Taylor and Francis Journals, vol. 8(12), pages 771-774.
  8. Turnovsky, Stephen J., 1996. "Optimal tax, debt, and expenditure policies in a growing economy," Journal of Public Economics, Elsevier, vol. 60(1), pages 21-44, April.
  9. Gylfason, Thorvaldur, 1990. "Inflation, Growth and External Debt: A View of the Landscape," CEPR Discussion Papers 375, C.E.P.R. Discussion Papers.
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