Money supply and capital accumulation on the transition path revisited
AUTOR(ES)
Cysne, Rubens Penha
DATA DE PUBLICAÇÃO
22/02/2010
RESUMO
Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a CRRA utility (based on a Cobb-Douglas and a Leontief function, respectively) into Sidrauski's model - yet return contrasting results. The present analysis, by using a more general CES utility, presents both of those settings and conclusions as limiting cases, and generates economic gures more consistent with reality (for instance, the interest-rate elasticity of the money demands derived from those previous works is necessarily 1 and 0, respectively). R
ASSUNTO(S)
disponibilidade monetária poupança e investimento desenvolvimento econômico política monetária
ACESSO AO ARTIGO
http://hdl.handle.net/10438/4186Documentos Relacionados
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