The spirit of capitalism, social status, money, and accumulation
AbstractThis paper demonstrates the unambiguous existence of the Tobin portfolio-shift effect in the wealth-is-status and the spirit-of-capitalism models of growth. Namely, higher inflation leads to higher capital stock in the long run, and inflation increases the endogenous-growth rate of the economy.
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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 99.
Length: 15 pages
Date of creation: 1998
Date of revision:
Publication status: Published in Journal OF Economics Volume 68, Number 3, Pages 219-233
spirit of capitalism; social status; money; growth;
Other versions of this item:
- Heng-fu Zou, 1998. "The spirit of capitalism, social status, money, and accumulation," Journal of Economics, Springer, vol. 68(3), pages 219-233, October.
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- O42 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
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