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Money Supply and Capital Accumulation on the Transition Path Revisited
Authors:RUBENS PENHA CYSNE  DAVID TURCHICK
Institution:1. Rubens Penha Cysne is a Professor at the Graduate School of Economics of the Getulio Vargas Foundation (EPGE/FGV) (E‐mail: rubens.cysne@fgv.br).;2. David Turchick is a Researcher at the Getulio Vargas Foundation (FGV). (E‐mail: davidturchick@fgvmail.br).
Abstract: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 constant relative risk aversion 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 figures more consistent with reality (e.g., the interest rate elasticity of the money demands derived from those previous works is necessarily 1 and 0, respectively).
Keywords:E40  E50  E60  inflation  capital accumulation  monetary growth  money supply  superneutrality  transition path
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