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dc.contributor.authorGillman, Maxen_US
dc.contributor.authorKejak, Michalen_US
dc.date.accessioned2010-02-24en_US
dc.date.accessioned2012-11-02T14:28:52Z-
dc.date.available2012-11-02T14:28:52Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/65799-
dc.description.abstractOutput growth, investment and the real interest rate are all found empirically to be negatively affected by inflation. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when investment falls and a positive Tobin effect when the real interest rate rises. We define inflation's Tobin effect more specifically in terms of the effect on the capital to effective labor ratio and resolve the puzzle by showing the simultaneous occurrence of all three negative inflation effects, on growth, investment and real interest rates, in a model calibrated to postwar US data. Here, investment along with consumption are exchanged for within a monetary endogenous growth economy with human capital and a decentralized credit-producing sector.en_US
dc.language.isoengen_US
dc.publisherCardiff Univ, Cardiff Business School, Economics Section Cardiffen_US
dc.relation.ispartofseriesCardiff Economics Working Papers E2008/18en_US
dc.subject.jelC23en_US
dc.subject.jelE44en_US
dc.subject.jelO16en_US
dc.subject.jelO42en_US
dc.subject.ddc330en_US
dc.subject.keywordinflationen_US
dc.subject.keywordinvestmenten_US
dc.subject.keywordgrowthen_US
dc.subject.keywordTobinen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwInflationen_US
dc.subject.stwInvestitionen_US
dc.subject.stwKapitalintensitäten_US
dc.subject.stwZinsen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwTobin's Qen_US
dc.subject.stwTheorieen_US
dc.titleInflation, investment and growth: A money and banking approachen_US
dc.typeWorking Paperen_US
dc.identifier.ppn574279172en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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