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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

Paper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 481.

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Length: 11 pages
Date of creation: 2011
Date of revision:
Publication status: Published in Annals of Economics and Finance, May 2011, pages 1-11
Handle: RePEc:cuf:wpaper:481

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Web page: http://cema.cufe.edu.cn/
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Keywords: Inflation aversion; Capital accumulation; Money;

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References

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  1. Obstfeld, Maurice, 1982. "Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 97(2), pages 251-70, May.
  2. Gong, Liutang & Zou, Heng-Fu, 2001. "Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 33(2), pages 284-93, May.
  3. Maurice Obstfeld, 1980. "Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation," NBER Working Papers 0599, National Bureau of Economic Research, Inc.
  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. Maurice Obstfeld, 1989. "Intertemporal Dependence, Impatience, and Dynamics," NBER Working Papers 3028, National Bureau of Economic Research, Inc.
  7. 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.
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Cited by:
  1. Gaowang Wang & Heng-fu Zou, 2011. "Inflation Aversion and the Optimal Inflation Tax," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 480, China Economics and Management Academy, Central University of Finance and Economics.

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