Equilibrium Dynamics in an Endogenous Growth Model of Money and Banking
构建了一个可解析的货币与银行内生增长模型，分析货币增长率或准备金率变化对长期和短期经济的影响，发现准备金率调整时通胀和增长率的过渡路径可能非单调，且全局动态存在分岔。
We construct an analytically tractable endogenous growth model of money and banking where money provides “liquidity services” to facilitate transactions and banks convert non‐reserve deposits into productive capital. We examine both the long‐ and short‐run effects of changes in the money growth rate or the reserve requirement ratio. In response to a change in the required reserve ratio, the inflation rate and the growth rates of capital, real balances, and consumption need not adjust monotonically along the transition path. While the balanced growth equilibrium may be either a saddle or a source locally, the global dynamical system exhibits flip bifurcation.