预付现金经济中的财富效应

IF 0.6 Q3 Economics, Econometrics and Finance

Economics Bulletin Pub Date : 2003-03-30 DOI:10.32920/ryerson.14639295

Eric Kam, Paul Missios

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引用次数: 3

摘要

本文考察了结合斯托克曼对消费和资本货物的预付现金约束和内生时间偏好率(实际财富的递增函数)的货币增长含义。预付现金限制了投资税，从而减少了稳态消费和资本。然而，内生时间偏好财富效应将实体和货币部门联系起来，产生aMundell - Tobin效应。预付现金约束效应支配内生时间偏好财富效应，因此货币增长减少了稳态资本和消费。

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Wealth effects in a cash-in-advance economy

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.

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来源期刊

Economics Bulletin ECONOMICS-

CiteScore

1.60

自引率

0.00%

发文量

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