Abstract
In a model where money enters the production function, Wang and Yip (1992) find money to be superneutral with respect to the economy's long-run rate of growth. This result is not robust to a generalization of the technology of human capital accumulation. If human capital accumulation requires the input of physical capital, then money is not superneutral with respect to the economy's growth rate. However, for reasonable parameterizations of the model, inflation is found to have only small effects on growth.
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