کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5056007 | 1371508 | 2008 | 10 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Marshallian time preferences and monetary non-neutrality
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
With the introduction of Marshallian recursive preferences to the Sidrauski model, this paper re-examines the effects of monetary growth on the economy. It is found that an increase in the monetary growth rate decreases the steady-state value of capital stock, consumption, and real balance holding. Short-run analysis presents the mechanism that inflation affects the economy: An increase in the monetary growth rate leads to an increase of initial consumption and reduction of initial savings, which increases the instantaneous time preference rate and makes people less patient initially. Finally, Friedman's optimal monetary growth rule is also investigated in this paper.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 25, Issue 6, November 2008, Pages 1196-1205
Journal: Economic Modelling - Volume 25, Issue 6, November 2008, Pages 1196-1205
نویسندگان
Xiaoyong Cui, Liutang Gong, Jianfang Yang, Heng-fu Zou,