English, Article edition: Stochastic Relation Between Money and Capital in an Economy with Spatially Separated Markets Shouyong Shi

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Stochastic Relation Between Money and Capital in an Economy with Spatially Separated Markets
Author
  • Shouyong Shi
Physical Description
  • article
Notes
  • This paper examines the stochastic relationship between money and capital in an economy with spatially separated markets. The new ingredient of the model is that trades between markets may be desirable but are eliminated by market separation. When this cross-market friction is operative, aggregate capital is negatively correlated with and only with contemporaneous money growth, given past capital stocks. When the cross-market friction is not operative, aggregate capital can be positively correlated with contemporaneous money growth and current money growth has direct predictive power on future aggregate capital through its effect on the distribution of capital among agents. Therefore, in a more fragmented economy aggregate capital is more likely to be negatively correlated with money growth and more unpredictable by past money growth. (Copyright: Elsevier)
  • RePEc:red:issued:v:1:y:1998:i:4:p:754-780
Language
  • English
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