Recent evidence shows that different inflation rates have effects on long-run economic growth. We follow the increasing interest in the issue offering a new explanation for the influence of monetary policy on economic growth: cash requirements for households expenditures in education. We devise an endogenous growth model with Cash-in-Advance constraints in several sectors (education, horizontal R&D, vertical R&D, manufacturing and consumption) and study its steady-state and transitional dynamics. In particular, the Cash-in-Advance constraint in education expenditures of households is essential to obtain a negative relationship between inflation and economic growth on the long run. Quantitatively, this monetary endogenous growth model replicates both the small influence of monetary policy on growth, while highlights the effects it can have on welfare and allocations of resources in different sectors in the economy.

最近的证据表明，不同的通货膨胀率会影响长期的经济增长。我们关注这个问题的兴趣日益增加，从而为货币政策对经济增长的影响提供了新的解释：家庭对教育支出的现金需求。我们设计了一种在多个部门（教育，横向研发，纵向研发，制造和消费）中具有预付现金约束的内生增长模型，并研究了其稳态和过渡动态。特别是，从长远来看，家庭的教育支出中的预付现金约束对于获得通货膨胀与经济增长之间的负面关系至关重要。从数量上讲，这种货币内生增长模型可以复制货币政策对增长的小影响，