Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We study monetary policy with growth through innovation cycles and leisure. If consumption is cash constrained, increasing money growth for lower income taxes increases labor, output, investment, innovation, and growth and amplifies fluctuations on a period-two-cycle path. It induces convergence to the balanced-growth path at sufficiently high money growth rates. If investment for innovation and intermediate production is also cash constrained, the effects of money on labor, investment, innovation, and growth become negative at sufficiently high money growth rates.