Innovazione finanziaria e domanda di moneta in un modello LS-LM dinamico con accumulazione

Innovazione finanziaria e domanda di moneta in un modello LS-LM dinamico con accumulazione (di Luciano Fanti) - ABSTRACT: This paper develops an IS-LM dynamic model with capital accumulation and in-vestigates the effects of two different regimes of demand for money, the one mainly depending on the speculative motive, the other mainly depending on the transaction motive, as sequentially emerged in the recent history of the Italian economy according to some empirical papers (i.e. the econometric model of Bank of Italy). The main re-sults are: 1) the monetary policy in terms of a fixed supply of money obviously in-fluences the income and the capital levels, but it is ineffective about the stability; 2) when the rate of interest elasticity of the money demand is relatively high an unstable limit cycle can be triggered, which can represent a "corridor stability" in the Lejion-hufvud?s sense; 3) the financial innovation which can explain the emergence of the "transaction" regime may favour the economic stability, provided that the goods mar-ket adjusts in a sufficiently fast way.