Title of article
Liquidity,innovationandgrowth
Author/Authors
Aleksander Berentsen، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
17
From page
721
To page
737
Abstract
Manycountriessimultaneouslysufferfromhighinflation,lowgrowthandpoorly
developedfinancialsectors.Inthispaper, weintegrateamicrofoundedmodelof
money andfinanceintoamodelofendogenousgrowthtoexaminetheeffectsof
inflationonwelfare,growthandthesizeofthefinancialsector.Anovelfeatureis
thattheinnovationsectorisdecentralized.Financialintermediariesariseendogen-
ously toprovideliquiditytothissector.Consistentwiththedatabutincontrastto
previouswork,reducinginflationgenerateslargegrowthgains.Theselargegains
cannotbeeasilyreproducedbyimposingacash-in-advanceconstraintinthe
innovationsector.
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846553
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