Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model
构建了一个无限期最优资本积累模型，引入社会地位关注和现金先行约束。当约束同时适用于消费和投资时，货币非超中性；若仅约束消费，通胀会促进资本积累。
Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model This paper presents an infinite-horizon model of optimal capital ac cumulation with the social-status concern and the cash-in-advance constraint.When the cash-in-advance constraint applies to both consumption and investment, money is not supemeutral.If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.