摘要：We show that a one-sector AK model of endogenous growth with the most generalized cash-in-advance constraint is able to account for (i) the observed long-run negative relationship between the nominal growth rate of money and the income velocity of money, (ii) the empirically ambiguous effect of changing inflation on the economy's output growth, and (iii) the divergent growth experience of countries that start with similar macroeconomic conditions.
