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Real Money Balances and TFP Growth: Evidence from Developed and Developing Countries

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  • Giannis Karagiannis
  • Vangelis Tzouvelekas

    () (Department of Economics, University of Crete, Greece)

Abstract

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Suggested Citation

  • Giannis Karagiannis & Vangelis Tzouvelekas, 2004. "Real Money Balances and TFP Growth: Evidence from Developed and Developing Countries," Working Papers 0410, University of Crete, Department of Economics.
  • Handle: RePEc:crt:wpaper:0410
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    File URL: http://economics.soc.uoc.gr/wpa/docs/0410.pdf
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    References listed on IDEAS

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    1. Nourzad, Farrokh, 2002. "Real money balances and production efficiency: a panel-data stochastic production frontier study," Journal of Macroeconomics, Elsevier, vol. 24(1), pages 125-134, March.
    2. Kodde, David A & Palm, Franz C, 1986. "Wald Criteria for Jointly Testing Equality and Inequality Restriction s," Econometrica, Econometric Society, vol. 54(5), pages 1243-1248, September.
    3. Claassen, Emil-Maria, 1975. "On the Indirect Productivity of Money," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 431-436, April.
    4. Jondrow, James & Knox Lovell, C. A. & Materov, Ivan S. & Schmidt, Peter, 1982. "On the estimation of technical inefficiency in the stochastic frontier production function model," Journal of Econometrics, Elsevier, vol. 19(2-3), pages 233-238, August.
    5. V. Kerry Smith & Paul Davidson, 1980. "Money as a Factor of Production: Ultimate Neoclassical Heresy or Keynesian Insight? [with Rejoinder]," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 2(2), pages 273-282, January.
    6. Stevenson, Rodney E., 1980. "Likelihood functions for generalized stochastic frontier estimation," Journal of Econometrics, Elsevier, vol. 13(1), pages 57-66, May.
    7. Sinai, Allen & Stokes, Houston H, 1972. "Real Money Balances: An Omitted Variable from the Production Functions?," The Review of Economics and Statistics, MIT Press, vol. 54(3), pages 290-296, August.
    8. Paul W. Bauer, 1988. "Decomposing TFP growth in the presence of cost inefficiency, nonconstant returns to scale, and technological progress," Working Paper 8813, Federal Reserve Bank of Cleveland.
    9. Prais, Zmira, 1975. "Real Money Balances as a Variable in the Production Function: A Comment," The Review of Economics and Statistics, MIT Press, vol. 57(2), pages 243-244, May.
    10. Prais, Zmira, 1975. "Real Money Balances as a Variable in the Production Function: Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 7(4), pages 535-543, November.
    11. Subrahmanyam, Ganti, 1980. "Real Money Balances as a Factor of Production: Some New Evidence," The Review of Economics and Statistics, MIT Press, vol. 62(2), pages 280-283, May.
    12. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
    13. Fischer, Stanley, 1974. "Money and the Production Function," Economic Inquiry, Western Economic Association International, vol. 12(4), pages 517-533, December.
    14. Short, Eugenie Dudding, 1979. "A New Look at Real Money Balances as a Variable in the Production Function," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 326-339, August.
    15. Chan, M W Luke & Mountain, Dean C, 1983. "Economies of Scale and the Tornqvist Discrete Measure of Productivity Growth," The Review of Economics and Statistics, MIT Press, vol. 65(4), pages 663-667, November.
    16. Khan, Ashfaque H & Ahmad, Mushtaq, 1985. "Real Money Balances in the Production Function of a Developing Country," The Review of Economics and Statistics, MIT Press, vol. 67(2), pages 336-340, May.
    17. Ben-Zion, Uri & Ruttan, Vernon W, 1975. "Money in the Production Function: An Interpretation of Empirical Results," The Review of Economics and Statistics, MIT Press, vol. 57(2), pages 246-247, May.
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    More about this item

    Keywords

    Money balances; TFP growth; Aggregate production;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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