Money and capital
成果类型：
Article
署名作者：
Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall
署名单位：
University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Notre Dame; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.03.003
发表日期：
2011
页码：
98-116
关键词：
摘要：
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 tries to be explicit about the frictions making money essential. This introduces new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportunities, and bargaining. These elements matter quantitatively and numerical results differ from findings in the reduced-form literature. The analysis also reduces a gap between microfounded monetary economics and mainstream macro. (C) 2011 Elsevier B.V. All rights reserved.
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