Money and Endogenous Growth
扩展了Ramsey-Romer内生增长模型，引入实际货币余额、政府债务和代际更替，分析税收、债务和货币融资的政府消费对增长和通胀的不同影响，并讨论补贴、投资调整成本等情形。
The Ramsey-Romer model of endogenous growth is extended to allow for holdings of real money balances and government debt as well as capital and for non-interconnected generations of households. Tax-financed increases in government consumption and debt depress growth prospects and boost inflation, as long as a positive birth rate ensures that future taxes are shouldered by future, yet unborn, generations. Debt-financed increases in government consumption depress growth and boost inflation even more. Money-financed increases in government consumption depress growth less but increase inflation by more. Giving subsidies through an increase in monetary growth is non-neutral, since this increases real growth and thus inflation increases by a lesser amount than monetary growth. Bond-financed increases in monetary growth lead to a larger increase in real growth and a smaller increase in inflation. If there are cost adjustment for investment, cuts in monetary growth and increases in government debt and government consumption induce an increase in the real interest rate. Copyright 1994 by Ohio State University Press.