Specialization, Transactions Technologies, and Money Growth
This paper develops a differentiated product model with endogenous specialization in which either money or a costly alternative transactions technology can be used for market purchases. The authors discuss the real effects of monetary growth in this model--which differ from those in standard cash-in-advance models--and the implied interest sensitivity of money demand in general equilibrium. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Volume (Year): 33 (1992)
Issue (Month): 2 (May)
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532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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- Aschauer, David & Greenwood, Jeremy, 1983. "A Further Exploration in the Theory of Exchange Rate Regimes," Journal of Political Economy, University of Chicago Press, vol. 91(5), pages 868-75, October.
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- 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.
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