Gupta, Rangan; Stander, Lardo - Department of Economics, Faculty of Economic and … - 2013
Conventional models of social status purport a positive infl ation-growth relationship, and attribute this empirical … contradiction to the presence of a consumer's desire for social status. These models are dominated by a substitution effect of money … depresses the real money holdings. Using a monetary endogenous growth model, the effects of wealth-induced social status on long …