Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall - In: Journal of Monetary Economics 58 (2011) 2, pp. 98-116
The effects of money (anticipated inflation) on capital formation is a classic issue in macroeconomics. Previous papers adopt reduced-form approaches, putting money in the utility function, or imposing cash in advance, but using otherwise frictionless models. We follow instead a literature that...