Money and Specialization in a Neoclassical Growth Model
AbstractThis paper studies the links between money, specialization, and capital accumulation in a neoclassical growth framework. For tractability, the transactions role of money is introduced through a cash-in-advance constraint. In contrast to the standard cash-in-advance model, an individual's reliance on money balances for transactions is endogenous through the choice of specialization. Although the cash-in-advance constraint only applies to consumption, the model exhibits a reverse-Tobin effect. We conclude by discussing the implications of the model for the welfare costs of inflation.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 37 (2005)
Issue (Month): 5 (October)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Basci, Erdem & Erdogan, Ayse M. & Saglam, Ismail, 2006. "Money, Tobin Effect, and Incerasing Returns," MPRA Paper 1904, University Library of Munich, Germany.
- Anne Jurkat & Rainer Klump, 2009. "Endogenous Specialization and Factor Substitution in a Monetary Growth Model," DEGIT Conference Papers c014_036, DEGIT, Dynamics, Economic Growth, and International Trade.
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