Social status, human capital formation and super-neutrality in a two-sector monetary economy |
| |
Authors: | Hung- Ju Chen |
| |
Affiliation: | Department of Economics, National Taiwan University, 21 Hsu-Chow Road, Taipei 100, Taiwan |
| |
Abstract: | In this paper, we study how social status affects the impact of monetary policy on the long-run growth rate in a two-sector monetary economy with human capital accumulation, and find that the super-neutrality of money, with regard to the growth rate of the economy depends on the formation of human capital. In an economy with Lucas-type human capital formation, money is super-neutral; however, for an economy in which both physical and human capital are used as inputs for human capital accumulation, the money growth rate will have a positive effect on the long-run economic growth rate. The existence, uniqueness and saddle-path stability of balanced-growth equilibrium are also examined. |
| |
Keywords: | C62 E52 O42 |
本文献已被 ScienceDirect 等数据库收录! |
|