Money and Growth in a Production Economy with Multiple Assets

Kaas, Leo; Weinrich, Gerd

Money and Growth in a Production Economy with Multiple Assets

Dateien

17.pdfGröße: 156.09 KBDownloads: 374

Datum

2003

Autor:innen

Kaas, Leo

Weinrich, Gerd

Open Access-Veröffentlichung

Open Access Green

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Zeitschriftenartikel

Publikationsstatus

Published

Erschienen in

Macroeconomic Dynamics. 2003, 7(5), pp. 670-690. Available under: doi: 10.1017/S1365100503020200

Zusammenfassung

We consider a Diamond-type model of endogenous growth in which there are three assets: fiat money, government bonds, and equity. Because of productivity shocks, the equity return is uncertain, and risk-averse investors require a positive equity premium. Typically, there exist two steady states, but only one of them turns out to be stable. Tight monetary policy is harmful for growth in the stable steady state. These results hold under four different monetary policy strategies applied by the monetary authority. A monetary contraction increases the bond return and reduces the equity premium and thereby capital investment and growth.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

Monetary Policy, Endogenous Growth, Overlapping Generations

Zitieren

ISO 690

KAAS, Leo, Gerd WEINRICH, 2003. Money and Growth in a Production Economy with Multiple Assets. In: Macroeconomic Dynamics. 2003, 7(5), pp. 670-690. Available under: doi: 10.1017/S1365100503020200

BibTex

@article{Kaas2003Money-12274,
  year={2003},
  doi={10.1017/S1365100503020200},
  title={Money and Growth in a Production Economy with Multiple Assets},
  number={5},
  volume={7},
  journal={Macroeconomic Dynamics},
  pages={670--690},
  author={Kaas, Leo and Weinrich, Gerd}
}

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Universitätsbibliographie

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