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Money, Tobin Effect, and Increasing Returns

Basci, Erdem and Erdogan, Ayse M. and Saglam, Ismail (2006): Money, Tobin Effect, and Increasing Returns.

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Abstract

This paper shows that unregulated decentralized equilibrium is viable under increasing returns technologies in an overlapping generations model of production with cash-in-advance constraints. We also demonstrate that the model exhibits both the Tobin effect and the reverse Tobin effect.

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