Velocity and Monetary Expansion in a Growing Economy with Interest-Rate Control
We analyze the income velocity of money in an endogenous growth model with an interest-rate control rule and a cash-in-advance (CIA) constraint. We show that the long-term relationship between the income velocity of money and the nominal growth rate of money supply depends not only on the form of the CIA constraint but also on the central bankfs stance of interest-rate control rule.
|Date of creation:||Mar 2009|
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- Ming Hon Suen & Chong K. Yip, 2001.
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