Wealth effects in a cash-in-advance economy
Wealth effects in a cash-in-advance economy
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预付现金经济中的财富效应
DOI：
10.32920/ryerson.14639295
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Paul Missios
中科院分区：
文献类型：
--
作者：
Eric Kam;Paul Missios
本文考察了联合斯托克曼的货币增长影响。
Cash−in−对消费和资本货物的预先约束和内生率
时间偏好是实际财富的递增函数。The Cash−in−提前约束
征收投资税，减少稳定的消费和资本。然而，
内生的时间偏好财富效应将房地产和货币部门联系在一起，产生
蒙代尔−托宾效应。现金−in−提前约束效应主导内生时间
偏好财富效应，使得货币增长减少了稳态资本和
消费。
This paper examines the monetary growth implications of combining Stockman's
cash−in−advance constraint on consumption and capital goods and an endogenous rate of
time preference that is an increasing function of real wealth. The cash−in−advance constraint
imposes an investment tax that reduces steady state consumption and capital. However,
endogenous time preference wealth effects link the real and monetary sectors to yield a
Mundell−Tobin effect. Cash−in−advance constraint effects dominate endogenous time
preference wealth effects so that monetary growth reduces steady state capital and
consumption.