search query: @indexterm Economic growth / total: 1784
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| Author: | Itaya, J-I. Mino, K. |
| Title: | Inflation, transaction costs and indeterminacy in monetary economies with endogenous growth |
| Journal: | Economica
2003 : AUG, VOL. 70:279, p. 451-470 |
| Index terms: | Economic growth Inflation Monetary economics Transaction costs |
| Language: | eng |
| Abstract: | The relationship between inflation (the rate of monetary expansion) and economic growth are investigated in a monetary version of Benhabib and Farmer's (1994) one-sector endogenous growth model, in which money reduces transaction costs or shopping time. The results show that when labour externalities are large there may be dual steady states, one of which in indeterminate and the other is determinate, and that the Tobin effect in the growth rate sense always emerges in either of the steady states depending on the properties of a transaction cost technology. |
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