Gong L, Zou H-fu.
Money, Social Status, and Capital Accumulation in a Cash-in-Advance Model. Journal of Money, Credit and Banking. 2001;33(2):284-293.
AbstractThis paper presents an infinite-horizon model of optimal capital accumulation 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 superneutral. If only consumption is subject to the cash-in-advance constraint, inflation increases capital accumulation.
