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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...
Persistent link: https://www.econbiz.de/10009618547
Output growth, investment and the real interest rate are all found empirically to be negatively affected by inflation. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when investment falls and a positive Tobin effect when the...
Persistent link: https://www.econbiz.de/10003739611
Persistent link: https://www.econbiz.de/10011622476
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...
Persistent link: https://www.econbiz.de/10009581451
Persistent link: https://www.econbiz.de/10000865829
Persistent link: https://www.econbiz.de/10013337911
Persistent link: https://www.econbiz.de/10011778597
This paper studies the effect of the inflation on oil and gold prices in the post-war period. It presents a monetary explanation of oil and gold pricing through a cash-in-advance economy. It tests the hypothesis that the oil and gold price rises, including those during the "oil shocks" in 1974...
Persistent link: https://www.econbiz.de/10014140118
The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the significance of our two additional monetary shocks in impacting real oil...
Persistent link: https://www.econbiz.de/10014353807
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