Inflation and Balanced‐Path Growth with Alternative Payment Mechanisms
Bibliographic Data
| ID | 9710941 |
|---|---|
| Authors | Max Gillman (0000-0002-5536-4608, Cardiff University, Central European University, Hungarian Academy of Sciences), Michal Kejak (Center for Economic Research and Graduate Education – Economics Institute) |
| Year | 2005 |
| Volume | 115 |
| Issue | 500 |
| Pages | 247-270 |
| Publication date | 2005-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2004.00968.x |
| OpenAlex | W2132096593 |
| Language | EN |
| Citations received | 1 |
| References cited | 36 |
The paper shows that contrary to conventional wisdom an endogenous growth economy with human capital and alternative payment mechanisms can robustly explain major facets of the long run inflation experience. A negative inflation-growth relation is explained, including a striking nonlinearity found re-peatedly in empirical studies. A set of Tobin (1965) effects are also explained and, further, linked in magnitude to the growth effects through the interest elasticity of money demand. Undis-closed previously, this link helps fill out the intuition of how the inflation experience can be plausibly explained in a robust fashion with a model extended to include credit as a payment mechanism
Economics · Endogenous growth theory · Human capital · Inflation (cosmology · Intuition · Macroeconomics · Monetary economics · Payment · Economic theories and models · Economic Theory and Policy · Finance · Fiscal Policy and Economic Growth
Inflation crises and long-run growth
The Transactions Demand for Cash
Cointegration Vector Estimation by Panel Dols and Long‐run Money Demand
Money and Economic Growth
Human Capital and Growth
Optimal fiscal and monetary policy in an economy without capital
On the mechanics of economic development
The Interest-Elasticity of Transactions Demand For Cash
Transaction Services, Inflation, and Welfare
The Variability of Velocity in Cash-in-Advance Models
Public Policy and Economic Growth
A Theory of the Allocation of Time
A Revised Tobin Effect from Inflation
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,07 |
| Citation span | 2011 - 2011 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |