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Article: Inflation and growth: Pecuniary transactions costs and qualitative equivalence
Title | Inflation and growth: Pecuniary transactions costs and qualitative equivalence |
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Authors | |
Issue Date | 2000 |
Citation | Journal Of Money, Credit And Banking, 2000, v. 32 n. 1, p. X-12 How to Cite? |
Abstract | This paper develops a pecuniary transactions costs (TC) approach to reexamine the principal relationships and results concerning inflation and growth. In a model with a general TC function and an endogenous labor-leisure choice, we consider four special cases by distinguishing among money as (1) a consumption good, (2) a production good, (3) an investment good, and (4) a consumption good as well as an investment good. Under some weaker conditions as in related studies, a reversed Tobin effect obtains for all cases: a high monetary growth rate leads to lower steady-state capital, labor, consumption, and real money balances. These findings suggest that a pecuniary TC model is qualitatively equivalent to alternative models in the literature. |
Persistent Identifier | http://hdl.handle.net/10722/177705 |
ISSN | 2023 Impact Factor: 1.2 2023 SCImago Journal Rankings: 1.880 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Zhang, J | en_US |
dc.date.accessioned | 2012-12-19T09:39:37Z | - |
dc.date.available | 2012-12-19T09:39:37Z | - |
dc.date.issued | 2000 | en_US |
dc.identifier.citation | Journal Of Money, Credit And Banking, 2000, v. 32 n. 1, p. X-12 | en_US |
dc.identifier.issn | 0022-2879 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177705 | - |
dc.description.abstract | This paper develops a pecuniary transactions costs (TC) approach to reexamine the principal relationships and results concerning inflation and growth. In a model with a general TC function and an endogenous labor-leisure choice, we consider four special cases by distinguishing among money as (1) a consumption good, (2) a production good, (3) an investment good, and (4) a consumption good as well as an investment good. Under some weaker conditions as in related studies, a reversed Tobin effect obtains for all cases: a high monetary growth rate leads to lower steady-state capital, labor, consumption, and real money balances. These findings suggest that a pecuniary TC model is qualitatively equivalent to alternative models in the literature. | en_US |
dc.language | eng | en_US |
dc.relation.ispartof | Journal of Money, Credit and Banking | en_US |
dc.title | Inflation and growth: Pecuniary transactions costs and qualitative equivalence | en_US |
dc.type | Article | en_US |
dc.identifier.email | Zhang, J: jjzhang@econ.hku.hk | en_US |
dc.identifier.authority | Zhang, J=rp01124 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.scopus | eid_2-s2.0-0039772308 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0039772308&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 32 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.spage | X | en_US |
dc.identifier.epage | 12 | en_US |
dc.identifier.isi | WOS:000085534700001 | - |
dc.publisher.place | United States | en_US |
dc.identifier.scopusauthorid | Zhang, J=55367373100 | en_US |
dc.identifier.issnl | 0022-2879 | - |