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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
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Handle: RePEc:wdi:papers:2008-909

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Keywords: economic growth; nonlinear effects of monetary policy;

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  1. Gylfason, Thorvaldur, 1990. "Inflation, Growth and External Debt: A View of the Landscape," CEPR Discussion Papers, C.E.P.R. Discussion Papers 375, C.E.P.R. Discussion Papers.
  2. Stockman, Alan C., 1981. "Anticipated inflation and the capital stock in a cash in-advance economy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 8(3), pages 387-393.
  3. Theodore Palivos & Chong K. Yip, 1995. "Government Expenditure Financing in an Endogenous Growth Model: A Comparison," Departmental Working Papers, Chinese University of Hong Kong, Department of Economics _057, Chinese University of Hong Kong, Department of Economics.
  4. Turnovsky, Stephen J., 1996. "Optimal tax, debt, and expenditure policies in a growing economy," Journal of Public Economics, Elsevier, Elsevier, vol. 60(1), pages 21-44, April.
  5. Mahmood Arai & Mats Kinnwall & Peter Skogman Thoursie, 2004. "Cyclical and causal patterns of inflation and GDP growth," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 36(15), pages 1705-1715.
  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, Claremont Colleges 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 & Francis Journals, Taylor & Francis Journals, vol. 8(12), pages 771-774.
  8. Satya Paul & Colm Kearney & Kabir Chowdhury, 1997. "Inflation and economic growth: a multi-country empirical analysis," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(10), pages 1387-1401.
  9. Daniel Bolton & W. Robert & J. Alexander, 2001. "The differing consequences of low and high rates of inflation," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(6), pages 411-414.
  10. Michael Sarel, 1996. "Nonlinear Effects of Inflation on Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 199-215, March.
  11. Anthony Philip Thirlwall & A.C. Barton, 1971. "Inflation and growth: the international evidence," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 24(98), pages 263-275.
  12. Sung Kim & Thomas Willett, 2000. "Is the negative correlation between inflation and growth real? An analysis of the effects of the oil supply shocks," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 7(3), pages 141-147.
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