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Monetary Non-Superneutrality and Endogenous Time Preference in an Infinitely Lived, Representative Agent Model

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Author Info
Eric Kam () (York University, Canada)
Abstract

This model demonstrates a restatement of the Mundell-Tobin effect and monetary non-superneutrality using an infinitely lived, representative agent model. The rate of time preference is assumed to be an increasing function of the total value of current financial wealth. An increase in the monetary growth rate reduces the value of real assets and the rate of time preference, which raises savings, consumption and the capital stock. This model offers an optimizing equivalent to descriptive models that assume savings are a decreasing function of wealth. This confirms Epstein and Hynes' intuition without being prone to the counterintuitive assumptions of Uzawa.

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File URL: http://dept.econ.yorku.ca/research/workingPapers/working_papers/JMCB00Paper.PDF
File Format:
File Function: First version, 2000
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Publisher Info
Paper provided by York University, Department of Economics in its series Working Papers with number 2000_03.

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Length: 19 pages
Date of creation: Mar 2000
Date of revision:
Handle: RePEc:yca:wpaper:2000_03

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Related research
Keywords: Monetary Non-Superneutrality; Time Preference; Financial Assets;

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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This page was last updated on 2009-12-20.

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