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Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/111962


Title: Money, random matching and endogenous growth: A quantitative analysis
Authors: 賴景昌
Chu, Angus C.
Kan, Kamhon
Lai, Ching-Chong
Liao, Chih-Hsing
Contributors: 經濟學系
Keywords: Economic growth;Inflation;Money;Random matching
Date: 2014-04
Issue Date: 2017-08-15 17:01:33 (UTC+8)
Abstract: In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which inflation affects economic growth in the search-and-matching model is different from the traditional cash-in-advance model. To facilitate the calibration, we obtain an empirical estimate of the effects of inflation on economic growth using panel regressions. In the simulation analysis, we quantitatively evaluate the welfare effect of inflation in the search-and-matching endogenous growth model and compare it to a search-and-matching exogenous growth model. We find that the welfare effect of inflation is nonlinear in the endogenous growth model whereas it is linear in the exogenous growth model. Furthermore, we find that the welfare cost of inflation under endogenous growth is up to four times as large as the welfare cost of inflation under exogenous growth. © 2014 Elsevier B.V.
Relation: Journal of Economic Dynamics and Control, 41, 173-187
Data Type: article
DOI link: http://dx.doi.org/10.1016/j.jedc.2014.02.003
Appears in Collections:[Department of Economics] Periodical Articles

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