Money and Specialization in a Neoclassical Growth Model
This paper studies the links between money, specialization, and capital accumulation in a neoclassical growth framework. For tractability, the transactions role of money is introduced through a cash-in-advance constraint. In contrast to the standard cash-in-advance model, an individual's relian...
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| Veröffentlicht in: | Journal of money, credit and banking credit and banking, 2005-10, Vol.37 (5), p.969-975 |
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| container_end_page | 975 |
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| container_issue | 5 |
| container_start_page | 969 |
| container_title | Journal of money, credit and banking |
| container_volume | 37 |
| creator | Ghossoub, Edgar A. Reed, Robert R. |
| description | This paper studies the links between money, specialization, and capital accumulation in a neoclassical growth framework. For tractability, the transactions role of money is introduced through a cash-in-advance constraint. In contrast to the standard cash-in-advance model, an individual's reliance on money balances for transactions is endogenous through the choice of specialization. Although the cash-in-advance constraint only applies to consumption, the model exhibits a reverse-Tobin effect. We conclude by discussing the implications of the model for the welfare costs of inflation. |
| doi_str_mv | 10.1353/mcb.2005.0050 |
| format | Article |
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| ispartof | Journal of money, credit and banking, 2005-10, Vol.37 (5), p.969-975 |
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| language | eng |
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| source | JSTOR Archive Collection A-Z Listing |
| subjects | Analysis Austrian school of economics Capital accumulation Commercial production Consumer economics Economic costs Economic growth Economic growth models Economic modeling Economic models Forecasts and trends Growth models Inflation Inflation (Economics) Inflation (Finance) Inflation rates Market trend/market analysis Mathematical methods Mathematical optimization Money Neoclassical economics Optimization theory Specialization Steady state economies Studies United States Welfare economics |
| title | Money and Specialization in a Neoclassical Growth Model |
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