Does Money Still Matter in a Dynamic Context? Some Canadian Evidence
This paper purports to re-examine the role of real money balances in the production process in a dynamic framework. The dynamic demand system estimated consists of demand for labour, capital and real money balances. This demand system is based on the work of Morrison and Berndt. The main finding of our study is that money does play a significant role in the production process. This is evident from the fact that the own and cross price elasticities associated with real cash balances are significantly different from zero.
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Volume (Year): 27 (1992)
Issue (Month): 1 (July)
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