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Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model

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Author Info
Gong, Liutang
Zou, Heng-Fu

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Abstract

This paper presents an infinite-horizon model of optimal capital accumulation with the social-status concern and the cash-in-advance constraint. When the cash-in-advance constraint applies to both consumption and investment, money is not superneutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 33 (2001)
Issue (Month): 2 (May)
Pages: 284-93
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Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:284-93

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Wang, Peng-fei & Wen, Yi, 2004. "Another Look at Sticky Prices and Output Persistence," Working Papers 04-19, Cornell University, Center for Analytic Economics. [Downloadable!]
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This page was last updated on 2009-11-12.

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