Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model.
This paper presents an infinite-horizon model of optimal capital accumulation with the social-status concern and the cash-in-advance constraint. When the cash-in-advance constraint applies to both consumption and investment, money is not superneutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.
Year of publication: |
2001
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Authors: | Gong, Liutang ; Zou, Heng-Fu |
Published in: |
Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 33.2001, 2, p. 284-93
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Publisher: |
Blackwell Publishing |
Saved in:
Saved in favorites
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