Optimal Portfolio and Savings Decisions in an Intergenerational Economy
构建了一个代际经济模型，其中交易成本促使个人分散投资组合，并分析货币扩张率变化如何影响货币流通速度和资本强度，发现通货膨胀对资本强度的影响方向不确定。
An intergenerational economy in which transactions costs cause agents to diversify their portfolios is presented. Changes in the rate of monetary expansion lead to changes in the velocity of money. Earlier intergenerational models introduced this relationship in an ad hoc fashion by assuming that money yields direct utility. The comparative statics of this model are significantly different from those of its predecessors. Greater inflation can lead to either a greater or a smaller capital intensity. The capital intensity corresponding to a constant money supply can be greater than, equal to, or less than the golden rule capital intensity. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.