Inflation and Growth: Pecuniary Transactions Costs and Qualitative Equivalence
This paper develops a pecuniary transactions costs (TC) approach to reexamine the principal relationships and results concerning inflation and growth. In a model with a general TC function and an endogenous labor-leisure choice, we consider four special cases by distinguishing among money as (1) a consumption good, (2) a production good, (3) an investment good, and (4) a consumption good as well as an investment good. Under some weaker conditions as in related studies, a reversed Tobin effect obtains for all cases: a high monetary growth rate leads to lower steady-state capital, labor. consumption, and real money balances. These findings suggest that a pecuniary TC model is qualitatively equivalent to alternative models in the literature.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 32 (2000)
Issue (Month): 1 (February)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|
When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:32:y:2000:i:1:p:1-12. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.