Money and Specialization in a Neoclassical Growth Model
This paper studies the links between money, specialization, and capital accumulation in a neoclassical growth framework. For tractability, the transactions role of money is introduced through a cash-in-advance constraint. In contrast to the standard cash-in-advance model, an individual's reliance on money balances for transactions is endogenous through the choice of specialization. Although the cash-in-advance constraint only applies to consumption, the model exhibits a reverse-Tobin effect. We conclude by discussing the implications of the model for the welfare costs of inflation.
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Volume (Year): 37 (2005)
Issue (Month): 5 (October)
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