Davies, Ceri; Gillman, Max; Kejak, Michal - Közgazdaság-tudományi Intézet, Közgazdaság- és … - 2012
The paper presents a human-capital-based endogenous growth, cash- in-advance economy with endogenous velocity where exchange credit is produced in a decentralized banking sector, and money is supplied stochastically by the central bank. From this it derives an exact functional form for a general...
