Inflation and Balanced‐Path Growth with Alternative Payment Mechanisms
通过引入人力资本和替代支付机制的内生增长模型，解释了通货膨胀与增长的负相关关系及其非线性特征，并揭示了托宾效应与增长效应之间的关联。
The paper shows that contrary to conventional wisdom an endogenous growth economy with human capital and alternative payment mechanisms can robustly explain major facets of the long run inflation experience. A negative inflation-growth relation is explained, including a striking non-linearity found repeatedly in empirical studies. A set of Tobin (1965) effects are also explained and, further, linked in magnitude to the growth effects through the interest elasticity of money demand. Undisclosed previously, this link helps fill out the intuition of how the inflation experience can be plausibly explained in a robust fashion with a model extended to include credit as a payment mechanism.