Money and growth: An alternative approach
构建模型，考察持续资本积累对支付体系演变的影响，以及持续通胀对增长的影响。发现通胀对增长影响小，但增长对货币体系影响大。
This paper takes an alternative approach to the topic of money and growth by developing a model in which the effects of sustained capital accumulation on an evolving system of payments, in addition to the conventional effects of sustained inflation on growth, are examined. While the effects of inflation on growth are small, the effects of growth on the monetary system are substantial. The results are consistent with ideas about money and growth contained in work that predates that of James Tobin and Miguel Sidrauski, as well as with evidence that money and asset demands vary systematically within economies as they develop. Copyright 1994 by American Economic Association.