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Cash-In-Advance Constraint With Status And Endogenous Growth

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  • Kaminoyama, Ken-ichi
  • Kawagishi, Taketo

Abstract

This paper explores a one-sector AK model with a cash-in-advance (CIA) constraint that itself depends on relative income, which implies status. This constraint is referred to in this study as the CIA-status constraint and it means that agents with higher income are more creditworthy and can make purchases with fewer money holdings. We mainly show that the relationship between the endogenous growth rate and money growth changes from negative to positive when the elasticity of the CIA constraint with respect to status exceeds one.

Suggested Citation

  • Kaminoyama, Ken-ichi & Kawagishi, Taketo, 2017. "Cash-In-Advance Constraint With Status And Endogenous Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 21(6), pages 1235-1251, September.
    • Handle: RePEc:cup:macdyn:v:21:y:2017:i:06:p:1235-1251_00
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