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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- Fershtman, Chaim & Murphy, Kevin M & Weiss, Yoram, 1996.
"Social Status, Education, and Growth,"
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- 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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