Growth-effects of inflation targeting : the role of financial sector development

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dc.contributor.upauthor Gupta, Rangan
dc.date.accessioned 2008-02-15T09:03:30Z
dc.date.available 2008-02-15T09:03:30Z
dc.date.issued 2006-03
dc.description.abstract The paper develops a dynamic general equilibrium monetary endogenous growth model of a closed economy inhabited by consumers, firms, a Cournotian monopolistically competitive banking system, besides, an inflation-targeting monetary authority, and, in turn, analyzes the effect of a tight monetary (disinflationary) policy on growth. We show that the effect of lower inflation target on growth is ambiguous, with the ultimate effect depending on the initial level of growth, the individual bank size, the degree of risk aversion, the elasticity of output with respect to capital, the discount factor and the size of the cash-reserve ratio. en
dc.description.librarian nf2012 en
dc.format.extent 223490 bytes
dc.format.mimetype application/pdf
dc.identifier.citation Gupta, R 2006, 'Growth-effects of inflation targeting : the role of financial sector development', University of Pretoria, Department of Economics, Working paper series, no. 2006-10. [http://web.up.ac.za/default.asp?ipkCategoryID=736&sub=1&parentid=677&subid=729&ipklookid=3] en
dc.identifier.uri http://hdl.handle.net/2263/4454
dc.language.iso en en
dc.publisher University of Pretoria, Department of Economics en
dc.relation.ispartofseries Working Paper (University of Pretoria, Department of Economics) en
dc.relation.ispartofseries 2006-10 en
dc.rights University of Pretoria, Department of Economics en
dc.subject Economic growth en
dc.subject Financial sector development en
dc.subject.lcsh Inflation (Finance) en
dc.subject.lcsh Economic development en
dc.subject.lcsh Inflation targeting en
dc.title Growth-effects of inflation targeting : the role of financial sector development en
dc.type Working Paper en


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