Fiscal and Monetary Policy Interactions in an Endogenous Growth Model With Financial Intermediaries
构建了一个框架，调和增长与通胀关系的矛盾发现。金融中介行为决定通胀和增长率，在风险厌恶较高时，铸币税融资的政府支出推高通胀并损害增长；风险厌恶较低时出现多重均衡，可观察到托宾式的通胀与增长正相关。
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 à la Tobin can be observed.