This paper studies the dynamic relationship between inflation and output growth in neoclassical growth models with endogenous cash constraints. We show this dynamic relationship is negative if the degree of cash constraints on investment is smaller than the degree of cash constraints on consumption but is positive if otherwise.
Abraham, Arpad / Carceles-Poveda , Eva / Cavalcanti, Tiago / Kambourov, Gueorgui / Lambertini, Luisa / Ruhl, Kim / Tavares, Jose
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The Dynamic Relationship between Inflation and Output Growth in a Cash-Constrained Economy
1National Taipei University, chlu@mail.ntpu.edu.tw
2Academia Sinica, bchen@econ.sinica.edu.tw
3National Taipei University, mhsu@mail.ntpu.edu.tw
Citation Information: The B.E. Journal of Macroeconomics. Volume 11, Issue 1, Pages –, ISSN (Online) 1935-1690, DOI: 10.2202/1935-1690.2145, May 2011
Publication History:
- Published Online:
- 2011-05-13
Keywords: capital accumulation; cash constraint; dynamics
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