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.
|Date of creation:||1998|
|Date of revision:|
|Publication status:||Published in Journal OF Economics Volume 68, Number 3, Pages 219-233|
|Contact details of provider:|| Web page: http://cema.cufe.edu.cn/|
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