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Czasopismo
2009 | nr 6 | 9-39
Tytuł artykułu

Inflation and investment in monetary growth models

Warianty tytułu
Języki publikacji
EN
Abstrakty
W artykule zawarto przegląd monetarnych modeli wzrostu. Przeanalizowano, w jaki sposób pieniądze są wprowadzane do tych modeli i wynikające z tych modeli konkluzje dotyczące wpływu inflacji na inwestycje. Stwierdzono, że modele różnią się znacznie w odniesieniu do sposobów wyjaśniania pieniądza i jego roli w gospodarce, jak również w stosunku do "technicznych" założeń, dotyczących np. formy funkcji użytecznościowej czy produkcyjnej. Pomimo tych różnic większości modeli nie udaje się adekwatnie uchwycić roli pieniędzy i są one nader podatne za zmiany założeń. Co wiecej, modele różnią się w kwestii przewidywań odnośnie wpływu inflacji na kumulacje kapitału, z pewnymi modelami proponującycmi wnioski nie tylko intuicyjne, ale także niezgodne z dowodami empirycznymi.
EN
The article contains a review of monetary growth models. We analyze the ways in which money is introduced into these models and the models' conclusions about the impact of inflation on investment. We find that the models differ widely with respect to the ways in which they account for money and its functions in the economy as well as with respect to the "technical" assumptions, about e.g. the form of the utility function or the production function. Despite these differences most models fail to adequately capture money's role and are highly sensitive to changes in the assumptions. Moreover, the models differ in their predictions about inflation's impact on capital accumulation, with some models offering conclusions that are not only counterintuitive but also inconsistent with empirical evidence. (original abstract)
Słowa kluczowe
Czasopismo
Rocznik
Numer
Strony
9-39
Opis fizyczny
Twórcy
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000163900405
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