The spirit of capitalism, social status, money, and accumulation
This 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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Volume (Year): 68 (1998)
Issue (Month): 3 (October)
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