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Inflation Aversion

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Author Info

  • Heng-fu Zou

    (Central University of Finance and Economics
    Shenzhen University
    Wuhan University
    Peking University)

  • Liutang Gong

    (Guanghua School of Management, Peking University)

  • Xinsheng Zeng

    (Wuhan University)

Abstract

With inflation aversion, an increase in the monetary growth rate decreases the steady-state value of capital stock, consumption, and real balance holding.

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Bibliographic Info

Article provided by Society for AEF in its journal Annals of Economics and Finance.

Volume (Year): 12 (2011)
Issue (Month): 1 (May)
Pages: 1-11

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Handle: RePEc:cuf:journl:y:2011:v:12:i:1:p:1-11

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Keywords: Inflation aversion; Capital accumulation; Money;

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References

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  1. Fischer, Stanley, 1979. "Capital Accumulation on the Transition Path in a Monetary Optimizing Model," Econometrica, Econometric Society, Econometric Society, vol. 47(6), pages 1433-39, November.
  2. Maurice Obstfeld, 1981. "Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?," NBER Working Papers 0686, National Bureau of Economic Research, Inc.
  3. Liutang Gong & Heng-fu Zou, 2001. "Money, social status, and capital accumulation in a cash-in-advance model," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 55, China Economics and Management Academy, Central University of Finance and Economics.
  4. Olson, Mancur & Bailey, Martin J, 1981. "Positive Time Preference," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(1), pages 1-25, February.
  5. Simonsen, Mario Henrique & Cysne, Rubens Penha, 2001. "Welfare Costs of Inflation and Interest-Bearing Money," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 33(1), pages 90-100, February.
  6. Obstfeld, Maurice, 1990. "Intertemporal dependence, impatience, and dynamics," Journal of Monetary Economics, Elsevier, Elsevier, vol. 26(1), pages 45-75, August.
  7. Maurice Obstfeld, 1980. "Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation," NBER Working Papers 0599, National Bureau of Economic Research, Inc.
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Cited by:
  1. Gaowang Wang & Heng-fu Zou, 2011. "Inflation Aversion and the Optimal Inflation Tax," Annals of Economics and Finance, Society for AEF, Society for AEF, vol. 12(1), pages 13-30, May.

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