Money and Specialization in a Neoclassical Growth Model
在新古典增长框架下研究货币、专业化与资本积累的关系，通过现金先行约束引入货币的交易功能，发现专业化选择使货币需求内生化，并产生反向托宾效应，最后讨论了通胀的福利成本。
This paper studies the links between money, specialization, and capital accumulation in a neoclassical growth framework. For tractability, the transactions role of money is introduced through a cash-in-advance constraint. In contrast to the standard cash-in-advance model, an individual's reliance on money balances for transactions is endogenous through the choice of specialization. Although the cash-in-advance constraint only applies to consumption, the model exhibits a reverse-Tobin effect.We conclude by discussing the implications of the model for the welfare costs of inflation.