Superneutrality, indeterminacy and endogenous growth
Publication in refereed journal


香港中文大学研究人员 ( 现职)

叶创基教授 (经济学系)

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数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.jmacro.2004.03.002

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摘要In this paper, we explore the possibility of having money as a source of indeterminacy in endogenous growth models. We adopt the simple Ak model of endogenous growth to be the main analytical vehicle whose balanced growth paths do not display local indeterminacy. Money is introduced via either a general cash-in-advance (CIA) constraint or a pecuniary transactions costs (PTC) technology. It is shown that local indeterminacy of the dynamics is due to the presence of an intertemporal substitution effect on capital accumulation that works against and dominates the conventional inflation effect of Tobin [1965, Money and economical growth. Econometrica 33(4), Part 2, 671]. If money is growth-rate superneutral, then the intertemporal substitution effect is absent so that local indeterminacy cannot occur. Finally, the strength of the intertemporal substitution effect depends positively on the intertemporal elasticity of substitution in consumption. (c) 2005 Elsevier Inc. All rights reserved.

着者Suen MH, Yip CK
期刊名称JOURNAL OF MACROECONOMICS
出版年份2005
月份12
日期1
卷号27
期次4
出版社LOUISIANA STATE UNIV PR
页次579 - 595
国际标準期刊号0164-0704
语言英式英语

关键词growth-rate superneutrality; indeterminacy; intertemporal substitution
Web of Science 学科类别Business & Economics; Economics; ECONOMICS