Anticipated Inflation in a Monetary Economy with Endogenous Growth
This paper makes a new attempt to investigate the role of anticipated monetary growth in economic growth. Combining the Barro (1990)-Rebelo (1991)-type endogenous growth model with Sidrauski's (1967) framework, we show that the pre-announcement of money supply behaviour may have significant effects on the rate of growth during the transition process. The key factor in determining adjustment patterns of the economy to anticipated monetary changes is the degree of relative risk aversion. However, changes in the rate of monetary growth do not affect the rate of long-run growth regardless of the degree of relative risk aversion. Copyright 2000 by The London School of Economics and Political Science
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Volume (Year): 67 (2000)
Issue (Month): 267 (August)
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