|
| |
| Eric Kam |
| |
| ''A note on cash-in-advance constraints in continuous time'' |
| ( 2004, Vol. 5 No.4 ) |
| |
| |
| This paper demonstrates a robust proof of the continuous-time transformations of Stockman's cash-in-advance constraints. When the constraint applies to consumption and capital purchases, monetary growth lowers steady state consumption and capital. When the constraint applies only to consumption purchases, monetary growth is superneutral. |
| |
| |
| Keywords: Cash-in-Advance Constraints |
|
| |
| Manuscript Received : Feb 03 2004 | | Manuscript Accepted : Feb 11 2004 |
|
