dc.coverage.sucursal	Bogotá	spa
dc.creator	Suescun-Melo, Rodrigo	spa
dc.date.accessioned	1995-07-08T08:30:10Z	eng
dc.date.available	1995-07-08T08:30:10Z	spa
dc.date.created	1995-07-08	spa
dc.date.issued	1995-07-08	eng
dc.description.abstract	There is large body of empirical literature devoted to study the relationship between inflation and long-run growth. Recently, levine and Renelt (1992) encouraged by new developments in growth theory investigated, within a unified framework, the effet of a number of variables on per capita growth. The authors found that there was no robust srelationship between the two variables. On the contrary, fisher (1991-1993) using the Levine and Renelt growth equation approach supports the convetional view that inflation is an important determinant of the rate of economic growth and that the effects of important determinant of the rate of economic growth and that the effets of inflation are stronger at low and moderate inflation levels. Levine and Zervos (1992) include in the same framework an index of economic policy and concluded that growth and low inflation low budget deficit are positively correlated. Additional evidence supporting a negative relationship between inflation and growth can also be found in De Long and Summers (1992) and De Gregorio (1993), among others. The predominantly negative correlation between inflation and growth observe in the data has not been properly rationalized in models where identical agents behave rationally and where money has a significant impact of the evolution of real variables. In monetary versions of the neoclassical growth model the quantitative importance of money is quite modest inducing only small growth and welfare effects and playing almost no role in explaing the fluctuations of real variables. Because of the same reason, these models have not been successful at identifying a channel through which inflation plays a more meaningful role in the economy. There are numerous plausible channels through which may affect growth and welafre. However, the implications of many of them have not been fully explored or the simply have not been successful. Feasible channels are nominally denominated depreciation allowances, partially indexed (This abstract was borrowed from another version of this item.)	eng
dc.format.mimetype	PDF	spa
dc.identifier.handle	https://hdl.handle.net/20.500.12134/5049	spa
dc.identifier.uri	https://repositorio.banrep.gov.co/handle/20.500.12134/5049	spa
dc.language.iso	spa	spa
dc.publisher	Banco de la República	spa
dc.relation.doi	https://doi.org/10.32468/be.36	spa
dc.relation.dotec	https://ideas.repec.org/p/col/000094/002775.html	spa
dc.relation.ispartof	Documentos de Trabajo	spa
dc.relation.ispartofseries	Borradores de Economía	spa
dc.relation.isversionof	Borradores de Economía; No. 36	spa
dc.relation.number	Borrador 36	spa
dc.relation.repec	https://ideas.repec.org/p/bdr/borrec/036.html	spa
dc.rights.accessRights	Open Access	eng
dc.rights.cc	Atribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0	eng
dc.rights.disclaimer	Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.	spa
dc.rights.spa	Acceso abierto	spa
dc.rights.uri	https://creativecommons.org/licenses/by-nc-sa/4.0/	eng
dc.source.handleRepec	RePEc:col:000094:002775	spa
dc.subject	Crecimiento	spa
dc.subject	Costos de bienestar	spa
dc.subject	Fluctuaciones	spa
dc.subject	Tributación monetaria	spa
dc.subject.jel	E32 - Business Fluctuations; Cycles	eng
dc.subject.jel	O42 - Monetary Growth Models	eng
dc.subject.jel	E52 - Monetary Policy	eng
dc.subject.jel	E31 - Price Level; Inflation; Deflation	eng
dc.subject.jelspa	E31 - Nivel de precios; Inflación; Deflación	spa
dc.subject.jelspa	E32 - Fluctuaciones económicas; Ciclos	spa
dc.subject.jelspa	E52 - Política monetaria	spa
dc.subject.jelspa	O42 - Modelos de crecimiento monetario	spa
dc.subject.keyword	Growth	eng
dc.subject.keyword	Welfare costs	eng
dc.subject.keyword	Fluctuations	eng
dc.subject.keyword	Monetary taxation	eng
dc.subject.lemb	Agregados monetarios	spa
dc.subject.lemb	Ciclos económicos	spa
dc.title	Growth, welfare costs and aggregate fluctuations in economies with monetary taxation	eng
dc.type	Working Paper	eng
dc.type.hasversion	Published Version	eng
dc.type.spa	Documentos de trabajo	spa

Growth, welfare costs and aggregate fluctuations in economies with monetary taxation

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