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  • 标题:Cash-in-Advance Constraint with Status in a Neoclassical Growth Model
  • 本地全文:下载
  • 作者:Ken-ichi Kaminoyama ; Taketo Kawagishi
  • 期刊名称:Theoretical Economics Letters
  • 印刷版ISSN:2162-2078
  • 电子版ISSN:2162-2086
  • 出版年度:2013
  • 卷号:3
  • 期号:5
  • 页码:292-296
  • DOI:10.4236/tel.2013.35049
  • 出版社:Scientific Research Publishing
  • 摘要:In this paper, we assume that a cash-in-advance (CIA) constraint itself depends on relative income, which implies the status. This constraint means that agents with higher income are more creditworthy and can make purchases with fewer money holdings. Under this assumption, we construct a one-sector neoclassical growth model and show that there exists a unique steady state that has saddle-path stability without specifying each function. Furthermore, we examine the effects of money growth on capital accumulation. If the status elasticity of CIA constraint is large, the Tobin effect can arise. In contrast, if it is small, the anti-Tobin effect can arise.
  • 关键词:Cash-in-Advance Constraint; Status; Money Growth; Neoclassical Growth Model; Tobin/Anti-Tobin Effect
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