Inflation and Growth: Pecuniary Transactions Costs and Qualitative Equivalence
通过货币性交易成本模型重新审视通胀与增长的关系，发现高货币增长率会降低稳态资本、劳动、消费和实际货币余额，与文献中其他模型定性等价。
This paper develops a pecuniary transactions costs (TC) approach to reexamine the principal relationships and results concerning inflation and growth. In a model with a general TC function and an endogenous labor-leisure choice, we consider four special cases by distinguishing among money as (1) a consumption good, (2) a production good, (3) an investment good, and (4) a consumption good as well as an investment good. Under some weaker conditions as in related studies, a reversed Tobin effect obtains for all cases: a high monetary growth rate leads to lower steady-state capital, labor. consumption, and real money balances. These findings suggest that a pecuniary TC model is qualitatively equivalent to alternative models in the literature.