A note on cash−in−advance constraints in continuous time

Eric Kam ()

Macroeconomics from University Library of Munich, Germany

Abstract: This paper demonstrates a robust proof of the continuous−time transformations of Stockman’s cash−in−advance constraints. When the constraint applies to consumption and capital purchases, monetary growth lowers steady state consumption and capital. When the constraint applies only to consumption purchases, monetary growth is superneutral.

Keywords: Cash-in-advance constraints; monetary growth; superneutrality; Tobin Effect (search for similar items in EconPapers)
JEL-codes: E (search for similar items in EconPapers)
Pages: 8 pages
Date: 2004-03-22
New Economics Papers: this item is included in nep-mac
Note: Type of Document - pdf; pages: 8
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https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0403/0403014.pdf (application/pdf)

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Journal Article: A note on cash-in-advance constraints in continuous time (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0403014

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