Human capital accumulation and a policy implicatiaon under credit

在本研究中，考虑到信贷约束的含义，我们研究了所得税和货币融资的货币在生产函数模型，其中真实的货币余额是一个输入到生产过程中的影响。我们发现，通过所得税或货币扩张来为给定水平的政府支出融资会导致多个平衡增长路径（BGP）和全球不确定性。此外，在资产税和货币扩张的情况下，我们研究了平衡增长均衡的性质。

In this research, taking crediti constraint implication into account, we examined the effects of income tax and monetary financing within the money-in-the-production-function model, where real money balances are an input into the production process. We found that the financing of a given level of government spending with income taxes or monetary expansion induces multiple balanced growth paths (BGPs) and global indeterminacy. Moreover, in case of tax on asset and monetary expansion, we investigated the property of the balanced growth equilibrium.