Inflation and Growth: Impatience and a Qualitative Equivalence
研究内生时间偏好如何影响通货膨胀与长期增长的关系，在货币效用函数和交易成本两种模型中建立定性等价，发现时间偏好对消费和实际余额的递减或递增效应决定了通胀与增长的正负关系。
This paper studies the role of an endogenous time preference on the relationship between inflation and growth in the long run in both the money‐in‐utility‐function (MIUF) and transactions‐costs (TC) models. We establish a qualitative equivalence between the two models in a setup without a labor–leisure tradeoff. When the time preference is decreasing (or increasing) in consumption and real balances, both the MIUF and TC models are qualitatively equivalent in terms of predicting a negative (or positive) relationship between inflation and growth in a steady state. Both a decreasing and an increasing time preference in consumption are consistent with the arguments found within the literature. While a decreasing time preference in real balances corroborates with empirical evidence, there is no evidence in support of an increasing time preference in real balances.