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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Money Growth and Economic Growth in Developed Nations:
An Empirical Analysis
Author(s): Brad Sturgill
Citation: Brad Sturgill, (2014) "Money Growth and Economic Growth in Developed Nations: An Empirical Analysis," Journal of Applied Business and Economics, Vol. 16, Iss. 4, pp. 41-52
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Money growth and output growth are positively correlated across a small homogeneous group of OECD
countries. This relationship has received little attention. I perform a cross-country growth analysis and
find that the relationship holds after controlling for standard determinants of economic growth.
Estimation of vector autoregressions and tests for Granger Causality reveal that money growth helps
drive economic growth in the OECD sample. Evidence indicates that this positive influence is a result of
higher levels of economic freedom in more developed nations, which may create an environment where
nominal money helps facilitate the production process or expedites capital accumulation.
