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Inflation et accumulation du capital : Le role de la substituabilité entre consommation et encaisses réelles

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  • Patrick VILLIEU

Abstract

In a growth model à la Sidrauski [1967], the connection between the growth rate of money and capital accumulation is investigated with a CES utility function. It is seen to depend on the cross derivative of the utility function ( ). The analysis provides a simple explanation of Fisher [1979]’s puzzle : the effect of money growth on accumulation is decomposable into a relative-price effect (a nominal interest rate move) and the response of consumption to this move, which depends on the substituability between money and consumption in utility.

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File URL: http://www.jstor.org/stable/20075875
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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (1992)
Issue (Month): 27 ()
Pages: 73-89

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Handle: RePEc:adr:anecst:y:1992:i:27:p:03

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