著者

HIROAKI HAYAKAWA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.1, pp.14-31, 1994-03-18 (Released:2008-02-28)

参考文献数

55

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This paper shows, under recursive preferences, that if a cash-in-advance constraint is formulated along the Baumol-Tobin transactions theory of liquidity preferences by considering leisure-transaction time tradeoffs, the Stockman-Abel cash-in-advance model becomes equivalent to the Sidrauski type money-in-the-utility-function model in its implications on the superneutrality of money. If such tradeoffs are extended to include production hours, a new dichotomy emerges in the sense that the effect of money growth on steady state capital intensity depends on the extent to which the marginal productivity of capital and the rate of time preference are affected.

著者

HIROAKI HAYAKAWA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.4, pp.300-316, 1990-12-20 (Released:2007-10-19)

参考文献数

18

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This paper analyzes the structures of end-of-period and beginning-of-period specifications of asset equilibrium under portfolio adjustment costs and intertemporal optimization motives, by distinguishing effective from notional asset demands and planning horizon from market period length. We show: (1) The expectations functions in discrete time converge to continuously differentiable functions of time in the continuous time limit. (2) Quasi end-of-period equilibrium is a relevant notion to deal with effective asset demands. (3) The two specifications are equivalent in continuous time only if the perfect foresight condition is satisfied. (4) The balance sheet identity and the flow budget constraint are equivalent.