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Abstract

This paper revisits the relationship between money and long-run growth when liquidity demand at the �rm level is explicitly modelled. Through a set of sensitivity analyses, I �nd that this relationship could be positive, negative, or display a hump shape depending on the size of average liquidity demand and the level of �nancial development. These results explainwhy existing empirical studies report mixed �ndings on the relationship.



Item Type: MPRA Paper -

Original Title: Money and Long-run Growth-

Language: English-

Keywords: Liquidity Demand, Endogenous Growth, Monetary Supply-

Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O42 - Monetary Growth ModelsE - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E51 - Money Supply ; Credit ; Money MultipliersO - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance-





Author: Zhou, Ge

Source: https://mpra.ub.uni-muenchen.de/33765/







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