Money, social status, and capital accumulation in a cash-in-advance model
AbstractThis 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 supemeutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.
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Bibliographic InfoPaper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 55.
Date of creation: 2001
Date of revision:
Publication status: Published in Journal of Money, Credit and Banking, Vol. 33, No. 2, Part 1 (May, 2001), pp. 284-293
Other versions of this item:
- 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, vol. 33(2), pages 284-93, May.
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- Heng-fu Zou, 1991.
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Policy Research Working Paper Series
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- Fershtman, Chaim & Murphy, Kevin M & Weiss, Yoram, 1996.
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- Cole, Harold L & Mailath, George J & Postlewaite, Andrew, 1992. "Social Norms, Savings Behavior, and Growth," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1092-1125, December.
- Stockman, Alan C., 1981. "Anticipated inflation and the capital stock in a cash in-advance economy," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 387-393.
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CEMA Working Papers
79, China Economics and Management Academy, Central University of Finance and Economics.
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