THE SHORT‐RUN “TOBIN EFFECT” IN A MONETARY OPTIMIZING MODEL
作者:
EVAN F. KOENIG,
期刊:
Economic Inquiry
(WILEY Available online 1987)
卷期:
Volume 25,
issue 1
页码: 43-53
ISSN:0095-2583
年代: 1987
DOI:10.1111/j.1465-7295.1987.tb00721.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
In an economy in which households face a cash‐in‐advance constraint, the nominal interest rate acts like a tax on consumption. To the extent that investment is financed from current earnings and so escapes the interest rate tax, households will defer their consumption when the nominal interest rate is high. A short‐run Tobin effect results: capital accumulates most rapidly when the interest rate is thought to be high relative to its past and future v
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