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dc.contributor.authorGillman, Maxen
dc.contributor.authorKejak, Michalen
dc.date.accessioned2010-02-24-
dc.date.accessioned2012-11-02T14:28:52Z-
dc.date.available2012-11-02T14:28:52Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2008/18en
dc.subject.jelC23en
dc.subject.jelE44en
dc.subject.jelO16en
dc.subject.jelO42en
dc.subject.ddc330en
dc.subject.keywordinflationen
dc.subject.keywordinvestmenten
dc.subject.keywordgrowthen
dc.subject.keywordTobinen
dc.subject.stwGeldpolitiken
dc.subject.stwInflationen
dc.subject.stwInvestitionen
dc.subject.stwKapitalintensitäten
dc.subject.stwZinsen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwTobin's Qen
dc.subject.stwTheorieen
dc.titleInflation, investment and growth: A money and banking approach-
dc.typeWorking Paperen
dc.identifier.ppn574279172en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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