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      <record key="001" att1="001" value="LIB91122960X" att2="LIB91122960X">001   LIB91122960X</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/tec/te-13.pdf</field>
      <field key="079" subkey="z">Gillman, Max - et al., Inflation, Growth, and Credit Services (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihstep/13.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Transition Economics Series; 13 (RePEc)</field>
      <field key="100" subkey="">Gillman, Max</field>
      <field key="103" subkey="">Department of Economics, Central European University</field>
      <field key="104" subkey="a">Kejak, Michal</field>
      <field key="107" subkey="">CERGE-EI and Institute for Advanced Studies, Vienna, Austria</field>
      <field key="108" subkey="a">Valentinyi, Akos</field>
      <field key="111" subkey="">Department of Economics, University of Southampton and CEPR</field>
      <field key="331" subkey="">Inflation, Growth, and Credit Services</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">1999, December</field>
      <field key="433" subkey="">35 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Transformationsökonomie; 13</field>
      <field key="461" subkey="">Transition Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; Inflation and Growth: Evidence and Theory; Economic Environment; Balanced Growth Path;</field>
      <field key="Bal" subkey="a">nced Growth Path: The Log-utility Case; Calibration; Conclusions and Qualifications; Appendixes;</field>
      <field key="544" subkey="">IHSTE 13</field>
      <field key="700" subkey="">O11</field>
      <field key="700" subkey="">E31</field>
      <field key="720" subkey="">Economic growth</field>
      <field key="720" subkey="">Inflation</field>
      <field key="720" subkey="">Costly credit</field>
      <field key="753" subkey="">Abstract: The empirical evidence suggests that there is a significant, negative relationship between inflation and economic</field>
      <field key="gro" subkey="w">th. Conventional monetary growth models, however, predict a significantly smaller growth effect. This paper proposes a</field>
      <field key="mon" subkey="e">tary growth model with an explicit credit service sector to explain the observed magnitude. Since credit services are assumed</field>
      <field key="cos" subkey="t">ly to produce, the consumers equate the opportunity cost of holding money with the marginal cost of credit. Therefore the</field>
      <field key="tec" subkey="h">nology of the financial sector influences the velocity of money, and consequently, how inflation affects leisure, the time</field>
      <field key="spe" subkey="n">t accumulating human capital, and the growth rate of output. The calibration shows that the model generates an</field>
      <field key="inf" subkey="l">ation-growth effect whose magnitude falls in the range found by the empirical studies. Moreover, in contrast to previous</field>
      <field key="wor" subkey="k">s, we are also able to explain an inflation-growth effect that becomes increasingly weak as the inflation rate rises, as the</field>
      <field key="evi" subkey="d">ence seems to suggest.;</field>
    </SEQUENTIAL>
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