https://scholars.lib.ntu.edu.tw/handle/123456789/364289
Title: | Social status, human capital formation and super-neutrality in a two-sector monetary economy | Authors: | HUNG-JU CHEN | Keywords: | C62; Cash-in-advance economy; E52; Endogenous growth; O42; Social status | Issue Date: | 2011 | Journal Volume: | 28 | Journal Issue: | 3 | Start page/Pages: | 785-794 | Source: | Economic Modelling | Abstract: | In this paper, we study how social status affects the impact of monetary policy on the long-run growth rate in a two-sector monetary economy with human capital accumulation, and find that the super-neutrality of money, with regard to the growth rate of the economy depends on the formation of human capital. In an economy with Lucas-type human capital formation, money is super-neutral; however, for an economy in which both physical and human capital are used as inputs for human capital accumulation, the money growth rate will have a positive effect on the long-run economic growth rate. The existence, uniqueness and saddle-path stability of balanced-growth equilibrium are also examined. © 2010 Elsevier B.V. |
URI: | http://www.scopus.com/inward/record.url?eid=2-s2.0-79953044206&partnerID=MN8TOARS http://scholars.lib.ntu.edu.tw/handle/123456789/364289 |
DOI: | 10.1016/j.econmod.2010.10.010 |
Appears in Collections: | 經濟學系 |
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