Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model: A Comment
重新检验了货币增长对资本存量的稳态效应，发现当所有投资和消费受流动性约束时，通胀会降低长期资本存量；若仅消费和部分投资受约束，则效应不确定，与Gong和Zou (2001)的结论相反。
Using Gong and Zou’s (2001) model, we reexamine the steady-state effect of monetary growth on the capital stock in the presence of a wealth-induced social status. We find that inflation negatively affects the long-run capital stock if all investment and consumption goods are liquidity constrained. Moreover, if all consumption goods and a fraction of investment goods are liquidity constrained, inflation has an uncertain effect on the long-run capital stock, depending on the extent of the desire for a wealth-induced social status. These results stand in contrast to those of Gong and Zou (2001).