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Inflation et accumulation du capital: Le role de la substituabilité entre consommation et encaisses réelles

Patrick Villieu ()

Annals of Economics and Statistics, 1992, issue 27, 73-89

Abstract: In a growth model à la Sidrauski [1967], the connection between the growth rate of money and capital accumulation is investigated with a CES utility function. It is seen to depend on the cross derivative of the utility function ( ). The analysis provides a simple explanation of Fisher [1979]'s puzzle : the effect of money growth on accumulation is decomposable into a relative-price effect (a nominal interest rate move) and the response of consumption to this move, which depends on the substituability between money and consumption in utility.

Date: 1992
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Working Paper: Inflation et accumulation du capital: le rôle de la substituabilité entre consommation et encaisses réelles (1992)
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