【文件属性】：
文件名称：Money, habits and growth
文件大小：289KB
文件格式：PDF
更新时间：2015-01-26 10:11:00
Money habits AI
关于M2及宏观经济因素的好文章，The money-in-utility model is re-considered with habits and endogenous growth. An
increase in the inflation rate requires a fall in the steady state habits relative to capital,if
initially the nominal interest rate is positive. If habits exhibit adjacent complementarity,
immediately after the increase in the inflation rate savings and investment fall,reducing the
growth rate. However,the long-run growth rate is not affected by the policy change. The long-
run level of capital would be lower than it would have been had there been no increase in the
inflation rate. These predictions are supported by our empirical evidence,and also reconcile
some recent empirical evidence on inflation and growth.