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Article: Endogenous growth and the welfare costs of inflation: A reconsideration

TitleEndogenous growth and the welfare costs of inflation: A reconsideration
Authors
KeywordsEndogenous Growth
Money Demand
Welfare Costs Of Inflation
Issue Date1998
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedc
Citation
Journal Of Economic Dynamics And Control, 1998, v. 22 n. 3, p. 465-482 How to Cite?
AbstractMany economists share the view that the welfare costs of moderate rates of money growth-cum-inflation are generally modest or small. This paper investigates the sensitivity of this result to alternative model specifications and behavioral assumptions. We first construct a monetary endogenous growth model with Romer's (1986) style of capital externality, and find that the real growth rate effect is substantially large, thus lending to much higher welfare costs than those in existing studies. To investigate the robustness of the result, we then conduct a series of experiments, by exploring the Romer model with an alternative specification of money demand and a class of other endogenous growth models. It is demonstrated, quite consistently, that our finding is confirmed in these models. © 1998 Elsevier Science B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/177674
ISSN
2015 Impact Factor: 0.879
2015 SCImago Journal Rankings: 0.937
References

 

DC FieldValueLanguage
dc.contributor.authorWu, Yen_US
dc.contributor.authorZhang, Jen_US
dc.date.accessioned2012-12-19T09:39:30Z-
dc.date.available2012-12-19T09:39:30Z-
dc.date.issued1998en_US
dc.identifier.citationJournal Of Economic Dynamics And Control, 1998, v. 22 n. 3, p. 465-482en_US
dc.identifier.issn0165-1889en_US
dc.identifier.urihttp://hdl.handle.net/10722/177674-
dc.description.abstractMany economists share the view that the welfare costs of moderate rates of money growth-cum-inflation are generally modest or small. This paper investigates the sensitivity of this result to alternative model specifications and behavioral assumptions. We first construct a monetary endogenous growth model with Romer's (1986) style of capital externality, and find that the real growth rate effect is substantially large, thus lending to much higher welfare costs than those in existing studies. To investigate the robustness of the result, we then conduct a series of experiments, by exploring the Romer model with an alternative specification of money demand and a class of other endogenous growth models. It is demonstrated, quite consistently, that our finding is confirmed in these models. © 1998 Elsevier Science B.V. All rights reserved.en_US
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedcen_US
dc.relation.ispartofJournal of Economic Dynamics and Controlen_US
dc.subjectEndogenous Growthen_US
dc.subjectMoney Demanden_US
dc.subjectWelfare Costs Of Inflationen_US
dc.titleEndogenous growth and the welfare costs of inflation: A reconsiderationen_US
dc.typeArticleen_US
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_US
dc.identifier.authorityZhang, J=rp01124en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.scopuseid_2-s2.0-0032019864en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0032019864&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume22en_US
dc.identifier.issue3en_US
dc.identifier.spage465en_US
dc.identifier.epage482en_US
dc.publisher.placeNetherlandsen_US
dc.identifier.scopusauthoridWu, Y=7406895405en_US
dc.identifier.scopusauthoridZhang, J=55367373100en_US

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