Does money affect productivity? We examine whether bank deposits, a measure of the money supply that excludes currency in circulation, influence labour productivity. Banks deposits are special in that they facilitate transactions and, in aggregate, add liquidity and credit availability to a region. By exploiting the distribution of community bank deposits across the states, we test the hypothesis that money is an input to the production function under a variety of panel data methods. We find evidence that bank transaction deposits and total deposits along with other production function inputs such as wages, labour and gross state product are cointegrated across the states; however, the economic contribution of money to labour productivity appears limited.

中文翻译：

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社区银行，金钱和劳动生产率

金钱会影响生产力吗？我们研究了银行存款是否能影响劳动生产率，这是一种货币供应量的度量，它排除了流通中的货币。银行存款之所以特别，是因为它们促进了交易，并总体上增加了该地区的流动性和信贷可用性。通过利用各州社区银行存款的分布，我们检验了以下假设：在各种面板数据方法下，货币是生产函数的输入。我们发现有证据表明，银行交易存款和总存款以及其他生产功能输入（如工资，劳动力和州生产总值）在各州之间是协整的；但是，金钱对劳动生产率的经济贡献似乎有限。