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Imperfect Information, Money and Economic Growth

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  • Ho, W.H.

Abstract

This paper develops an endogenous growth model with financial market imperfections to study the effects of money on economic growth and to examine the role of informational imperfections in the determination of the equilibrium growth path. The findings are summarized as follows: economic growth is slower when there is imperfect information; changes in money growth have qualitatively similar effects on economies with and without private information; and, contrary to the popular view that informational imperfections in credit markets or borrowing constraints tend to amplify the impact of policy interventions, economies with private information are less responsive to changes in monetary policy. Copyright 1996 by Ohio State University Press.
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Suggested Citation

  • Ho, W.H., 1995. "Imperfect Information, Money and Economic Growth," Working Papers 9507, University of Waterloo, Department of Economics.
  • Handle: RePEc:wat:wpaper:9507
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    Cited by:

    1. Christie Smith, 2004. "The long-run effects of monetary policy on output growth," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, September.
    2. Robert Amano & Tom Carter & Kevin Moran, 2012. "Inflation and Growth: A New Keynesian Perspective," CIRANO Working Papers 2012s-20, CIRANO.
    3. Ftiti, Zied, 2010. "The macroeconomic performance of the inflation targeting policy: An approach based on the evolutionary co-spectral analysis (extension for the case of a multivariate process)," Economic Modelling, Elsevier, vol. 27(1), pages 468-476, January.
    4. Dimitrios Varvarigos, 2006. "Inflation, Variability, and the Evolution of Human Capital in a Model with Transactions Costs," Discussion Paper Series 2006_16, Department of Economics, Loughborough University, revised Jul 2006.
    5. Katsuyuki Shibayama, 2015. "Trend Dominance in Macroeconomic Fluctuations," Studies in Economics 1518, School of Economics, University of Kent.
    6. Abdelkader Aguir & Mounir Smida, 2015. "Efficiency of monetary policy under inflation targeting," Economics Bulletin, AccessEcon, vol. 35(1), pages 788-813.
    7. Varvarigos, Dimitrios, 2008. "Inflation, variability, and the evolution of human capital in a model with transactions costs," Economics Letters, Elsevier, vol. 98(3), pages 320-326, March.

    More about this item

    Keywords

    INFORMATION; FINANCIAL MARKET; ECONOMIC GROWTH;

    JEL classification:

    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

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