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A note on continuous time models with general cash-in-advance constraints

Author

Listed:
  • Kenji Miyazaki

    (Hosei University)

Abstract

This note completely characterizes continuous time models with general cash-in-advance constraints in that money is demanded for purchasing not only consumption goods but also for making all or some investments. Examining the three-dimensional dynamics of an exogenous growth model with general cash-in-advance constraints is unique. Comparative static analysis shows that increased inflation or a strengthened cash-in-advance constraint lowers the level of the capital stock in the long run. We also show that the steady state is locally stable.

Suggested Citation

  • Kenji Miyazaki, 2010. "A note on continuous time models with general cash-in-advance constraints," Economics Bulletin, AccessEcon, vol. 30(4), pages 2856-2863.
    • Handle: RePEc:ebl:ecbull:eb-10-00580
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    File URL: http://www.accessecon.com/Pubs/EB/2010/Volume30/EB-10-V30-I4-P262.pdf
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    Cited by:

    1. Kenji Miyazaki, 2012. "Inflation, Growth, and Impatience in a Generalized Cash-in-Advance Economy," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 3(3), pages 2-7, July.

    More about this item

    Keywords

    endogenous time preference; superneutrality; transition path; cash-in-advance; complementarity;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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