کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098787 1376959 2012 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Inflation, human capital and Tobin's q
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Inflation, human capital and Tobin's q
چکیده انگلیسی
A strong US postwar low frequency negative correlation exists between inflation and Tobin's q. To explain this, a production-based monetary asset pricing model is formulated with a rising marginal cost of investment, cash-in-advance and human capital based endogenous growth. Higher money supply growth causes higher inflation, lower output growth, and a lower q in the long run. The baseline model simulates well correlations of the US inflation rate and Tobin's q at each frequency of high, business cycle, low, and the “medium term.” It also performs well in correlations and volatilities compared to related exogenous growth versions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 7, July 2012, Pages 1057-1074
نویسندگان
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