Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model
This 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 superneutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.
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Volume (Year): 33 (2001)
Issue (Month): 2 (May)
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