Money, social status, and capital accumulation in a cash-in-advance model

Liutang Gong and Heng-Fu Zou (hzoucema@gmail.com)

No 55, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: This paper presents an infinite-horizon model of optimal capital accumulation with the social-status concern and the cash-in-advance constraint. When the cash-in-advance constraint applies to both consumption and investment, money is not supemeutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.

Date: 2001
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Published in Journal of Money, Credit and Banking, Vol. 33, No. 2, Part 1 (May, 2001), pp. 284-293

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Journal Article: Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model (2001)
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