Money-financed Fiscal Policy in a Growing Economy
研究政府支出通过货币发行融资时经济变量的变化路径，发现政府预算平衡并非均衡条件，且实际政府购买增加会短期提升人均产出，但长期降低人均产出和资本密度，同时提高通胀税和稳态通胀率。
The paper examines the trajectories of the economic variables when government expenditures are financed by changes in the money stock. It is shown that government budget balance is not a condition for equilibrium. If the nominal rate of interest changes by about as much as the expected rate of inflation, a rise in real government purchases per capita has the following effects: There will be a positive impact upon output per capita but steady-state output per capita and the capital intensity will decline, and there will be a rise in the inflation tax on real balances and steady-state rate of inflation.