Zhou, Ge (2011): Money and Long-run Growth.
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This paper revisits the relationship between money and long-run growth when liquidity demand at the �rm level is explicitly modelled. Through a set of sensitivity analyses, I �nd that this relationship could be positive, negative, or display a hump shape depending on the size of average liquidity demand and the level of �nancial development. These results explain why existing empirical studies report mixed �ndings on the relationship.
|Item Type:||MPRA Paper|
|Original Title:||Money and Long-run Growth|
|Keywords:||Liquidity Demand, Endogenous Growth, Monetary Supply|
|Subjects:||O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O42 - Monetary Growth Models
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E51 - Money Supply; Credit; Money Multipliers
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
|Depositing User:||Ge ZHOU|
|Date Deposited:||28. Sep 2011 10:01|
|Last Modified:||01. Mar 2013 03:28|
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