Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 叶创基教授 (经济学系) |
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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/14WOS source URL
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摘要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. When agents exhibit a low degree of risk aversion, multiple equilibria emerge and a positive relation between inflation and growth a la Tobin can be observed.
着者Espinosa-Vega VA, Yip CK
期刊名称International Economic Review
出版年份1999
月份8
日期1
卷号40
期次3
出版社UNIV PENN
页次595 - 615
国际标準期刊号0020-6598
语言英式英语
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
