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dc.contributor.authorGahvari, Firouzen_US
dc.date.accessioned2009-07-31en_US
dc.date.accessioned2010-05-14T08:23:45Z-
dc.date.available2010-05-14T08:23:45Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30661-
dc.description.abstractThis paper introduces money into an overlapping generations model with endogenous growth. The model, due to Docquier et al. (2007), exhibits a positive intergenerational externality which precludes its laissez-fair equilibrium to be optimal even if the government can control the level of physical capital and set it to satisfy the modified golden rule. The main message of the paper is that, as long as the modified golden rule is attained, Friedman rule is optimal. The result holds regardless of the ability of the government to internalize the externality and control the level of human capital. Other results include: (i) violation of Friedman rule for a different second-best environment wherein human capital accumulation is controlled but not physical capital accumulation; (ii) existence of a negative relationship between money growth rate and the economy's endogenous growth rate, and (iii) non-uniqueness of Friedman rule.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2708en_US
dc.subject.jelH21en_US
dc.subject.jelH52en_US
dc.subject.ddc330en_US
dc.subject.keywordFriedman ruleen_US
dc.subject.keywordendogenous growthen_US
dc.subject.keywordinvestment in human capitalen_US
dc.subject.keywordoverlapping generationsen_US
dc.subject.keywordsecond besten_US
dc.subject.stwGeldmengensteuerungen_US
dc.subject.stwOverlapping Generationsen_US
dc.subject.stwNeue Wachstumstheorieen_US
dc.subject.stwCash-in-Advance-Modellen_US
dc.subject.stwBildungsinvestitionen_US
dc.subject.stwSecond Besten_US
dc.subject.stwTheorieen_US
dc.titleFriedman rule in a model with endogenous growth and cash-in-advance constrainten_US
dc.typeWorking Paperen_US
dc.identifier.ppn605748241en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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