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Co-integrated money in the production function-evidence and implications

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  • Masoud Moghaddam

Abstract

The notion of money as a factor of production has been debated both theoretically and empirically by a number of researchers in the past four decades. However, the empirical support for money as an input along with labour and capital has been mixed and thus, the issue appears to be unsettled. Recent developments in econometrics regarding co-integration and error correction provide a rich environment in which the role of money in the production function can be reexamined. In a co-integrated space, this article presents empirical evidence indicating that different definitions of money (simple sum or the divisia M2) play an input role in the Cobb-Douglas production function.

Suggested Citation

  • Masoud Moghaddam, 2010. "Co-integrated money in the production function-evidence and implications," Applied Economics, Taylor & Francis Journals, vol. 42(8), pages 957-963.
  • Handle: RePEc:taf:applec:v:42:y:2010:i:8:p:957-963
    DOI: 10.1080/00036840701721075
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    Cited by:

    1. Jonathan Benchimol, 2011. "Money in the production function: a New Keynesian DSGE perspective," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00800539, HAL.
    2. Jonathan Benchimol, 2015. "Money in the production function: A new Keynesian DSGE perspective," Southern Economic Journal, Southern Economic Association, vol. 82(1), pages 152-184, July.
    3. repec:bla:pacecr:v:22:y:2017:i:3:p:350-382 is not listed on IDEAS
    4. Romina Bafile & Alessandro Piergallini, 2017. "Firms’ money demand and monetary policy," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 350-382, August.
    5. Jonathan Benchimol, 2011. "Money in the Production Function : A New Keynesian DSGE Perspective," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00795547, HAL.

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