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      Is money an omitted variable in the production function? some further results

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      Author(s)
      Hasan, M. A.
      Mahmud, S. F.
      Date
      1993
      Source Title
      Empirical Economics
      Print ISSN
      0377-7332
      Publisher
      Physica-Verlag
      Volume
      18
      Issue
      3
      Pages
      431 - 445
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      In recent years, numerous studies have emphasized the role of real balances in the production function in terms of money being useful: as an intermediate good; as liquid reserves for investment; and also serving as a link between aggregate supply and the nominal interest rate. In this paper we report new Canadian empirical evidence regarding the important role of money in the production process of aggregate manufacturing industries based on a flexible translog cost function approach. In general, our results support the hypothesis that money is an important factor in the production function and that there are potential supply side effects of a change in the interest rate. © 1993 Physica-Verlag.
      Keywords
      E41
      Permalink
      http://hdl.handle.net/11693/26034
      Published Version (Please cite this version)
      http://dx.doi.org/10.1007/BF01176197
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      • Department of Economics 724
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