On Recursive Utility and the Superneutrality of Money,” Economic Modeling
On Recursive Utility and the Superneutrality of Money,” Economic Modeling
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关于递归效用和货币的超中性，”经济模型
DOI：
10.1016/j.econmod.2013.02.039
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
K.
中科院分区：
文献类型：
--
作者：
Miyazaki;K.
本文研究了在递归效用的预付现金货币模型中，货币供应量增长率的变化是否提高了资本积累的速度。虽然货币在稳定状态下是超中性的，但货币供应量增速对资本积累速度的影响不仅取决于费利度的曲率，还取决于贴现率函数的斜率和曲率。我们发现，当贴现率随消费减少，边际效用弹性大于1时，通货膨胀产生的资本积累速度较慢。
This paper investigates whether a change in the growth rate of the money supply enhances the rate of capital accumulation in a cash-in-advance monetary model with recursive utility. Although money is superneutral in the steady state, the effect of the growth rate of money supply on the speed of capital accumulation depends not only on the curvature of the felicity, but also on the slope and curvature of the discount rate function. We find that when the discount rate decreases with consumption and the elasticity of marginal utility is greater than unity, inflation yields a slower speed of capital accumulation.