haku: @author Yip, C. / yhteensä: 4
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| Tekijä: | Espinosa-Vega, M. Yip, C. |
| Otsikko: | Fiscal and monetary policy interactions in an endogenous growth model with financial intermediaries |
| Lehti: | International Economic Review
1999 : AUG, VOL. 40:3, p. 595-615 |
| Asiasana: | ECONOMICS MONETARY POLICY GROWTH |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a framework that can help reconcile conflicting findings in the growth-inflation literature. Here, the behavior of financial intermediaries plays a crucial role in the determination of the economy's inflation and real growth rates. Absent any restrictions on financial intermediation, there will be a unique equilibrium when agents are fairly risk averse. In this case, an increase in seigniorage-financed government spending will always be inflationary and detrimental to growth. |
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