Anticipated Inflation, Liquidity Costs and the Tobin Effect
type="main" xml:lang="en"> <p>This paper analyses the steady-state effects of inflation on capital accumulation within an optimizing monetary growth model with liquidity costs and an endogenous labour supply. It is assumed that consumption and leisure are perfect complements in the preferences of the representative agent. The particular environment considered, despite the results obtained by the growing literature on inflation and growth with endogenous labour effort, gives support to the Tobin effect, i.e. a positive effect of the money growth rate on capital, labour and output. <p>(J.E.L.: O42).
Year of publication: |
1999
|
---|---|
Authors: | Petrucci, Alberto |
Published in: |
Economic Notes. - Banca Monte dei Paschi di Siena SpA. - Vol. 28.1999, 2, p. 223-235
|
Publisher: |
Banca Monte dei Paschi di Siena SpA |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Asset Accumulation, Fertility Choice and Nondegenerate Dynamics in a Small Open Economy
Petrucci, Alberto, (2004)
-
Taxing Land Rent in an Open Economy
Petrucci, Alberto, (2003)
-
Devaluation (levels versus rates) and balance of payments in a cash-in-advance economy
Petrucci, Alberto, (2002)
- More ...