growth rate of M2 can bring permanent accumulative loss on real output; there is oscillation feature from real output, by … giving monetary growth shock. Its underlying policy suggestions are: money in the short-run cannot be taken as stabilizer of … economic growth; there are trade-offs between target of economic stable and growth; stable speed of money growth benefits …

Can extending social welfare expenditures promote economic growth? This issue has been discussed extensively, with some … expenditures in one lead to different economic growth rates? What is the channel by which such expenditures impact economic growth … squares to investigate the relationships among social welfare expenditures, human capital, and economic growth using data on …