Further evidence on real money balances in the production function
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Abstract
Real money balances as a factor input in Yugoslav industrial production is examined within a simultaneous equation framework. In addition to labor and capital, real money balances turned out to be a significant factor of production. However, unlike Khan and Ahmad in their work on Pakistan, the two definitions of real money balances used in this study do not uniformly support the contention that real money balances and labor seem to be complementary.
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