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 supemeutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.
|Date of creation:||2001|
|Date of revision:|
|Publication status:||Published in Journal of Money, Credit and Banking, Vol. 33, No. 2, Part 1 (May, 2001), pp. 284-293|
|Contact details of provider:|| Web page: http://cema.cufe.edu.cn/|
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