Munich Personal RePEc Archive

Реальные деньги и экономический рост

BLINOV, Sergey (2015): Реальные деньги и экономический рост.


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People recognized the important role played by money a long time ago. But it was only approximately 50 years ago that Milton Friedman convincingly proved that change in the quantity of money in the economy may have a very serious effect on the GDP. This paper reveals a most intimate non-linear linkage between growth of real GDP and growth of real money supply using the example of a number of countries and unions (Russia, Japan, Brazil, Eurozone). It is shown that exponential growth of real money supply corresponds to linear growth of real GDP. Two hypotheses are advanced which explain such a nature of the inter-linkage as well as practical recommendations are given which pertain, first of all, to monetary policy.

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