This paper investigates the economic growth and social welfare implications of monetary policy in an endogenous growth model with endogenous fertility. We show that, in the money-in-the-utility-function framework, endogenous fertility governs the validity of money superneutrality, the...

This paper studies the effects of alternative tax policies (a consumption tax, seigniorage tax, and tax switch) on economic growth under different methods of government budget adjustment in a monetary endogenous growth model with a labor–leisure choice and a cash-in-advance constraint which is...

We construct an analytically tractable endogenous growth model of money and banking where money provides "liquidity services" to facilitate transactions and banks convert non-reserve deposits into productive capital. We examine both the long- and short-run effects of changes in the money growth...

This paper proposes a new route, namely efficient bargains between the union and the firm over wage and employment, to shed light on the contractionary effects of a currency devaluation. It is found that a currency devaluation will definitely depress the supply of domestic goods when the union...

This paper reexamines the dynamic features and the long-run effects of raising interest rates on union membership and employment in the Jones-McKenna (1994) model. Two major findings emerge from the analysis. First, the dynamic system of Jones and McKenna's model exhibits saddlepoint stability,...

This paper analyzes the relationship between interest-rate feedback rules and macroeconomic stability in the presence of transaction costs. We show that with the Sims-type (1994) transaction-cost technology, a passive, rather than an active, interest-rate rule is more likely to generate a...

This article applies the central feature of imperfect competition in the goods market to examine the validity of the Peacock and Shaw assertion that an increase in tax evasion will definitely lead to a higher domestic income and a lower level of total tax collections. The authors provide, for...