A Dynamic Specific-Factors Model with Money
AbstractWhen the capital stock is endogenously chosen by optimizing households, the predictions of the static specific-factors model are modified. An increase in tariffs unambiguously increases real wages, whereas an expansion of the labor force does not reduce wages. Capital and land are not only factors of production but also assets, and their shares in the household's portfolio are determined by features of the supply side, time preference, and inflation. An increase in inflation reduces the capital stock, but its impact on the price of land is ambiguous because of opposite movements in the inflation tax and in land rents.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 25 (1992)
Issue (Month): 3 (August)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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