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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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  • Patrick Villieu, 1992. "Inflation et accumulation du capital : Le role de la substituabilité entre consommation et encaisses réelles," Annals of Economics and Statistics, GENES, issue 27, pages 73-89.
    • Handle: RePEc:adr:anecst:y:1992:i:27:p:73-89
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    Cited by:

    1. Patrick Villieu & Taoufik Rajhi, 1993. "Accélération monétaire et croissance endogène," Revue Économique, Programme National Persée, vol. 44(2), pages 257-286.
    2. Patrick Villieu, 1993. "Crise de la balance des paiements et substituabilité entre monnaie et consommation," Revue Économique, Programme National Persée, vol. 44(3), pages 593-614.

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