A Revised Tobin Effect from Inflation
Relative Input Price and Capital Ratio Realignments, USA and UK, 1959–1999
Bibliographic Data
| ID | 9725893 |
|---|---|
| Authors | Max Gillman (0000-0002-5536-4608, Central European University), Anton Nakov (0000-0003-4799-7912, Universitat Pompeu Fabra) |
| Year | 2003 |
| Volume | 70 |
| Issue | 279 |
| Pages | 439-450 |
| Publication date | 2003-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-0335.t01-1-00292 |
| OpenAlex | W3123486666 |
| Language | EN |
| Citations received | 2 |
| References cited | 29 |
The paper studies the realignments induced by inflation within an endogenous growth monetary economy. Accelerating inflation raises the ratio of the real wage to the real interest rate, and so raises the use of physical capital relative to human capital across all sectors. We find cointegration evidence for the US and UK economies consistent with a general equilibrium, Tobin‐type, effect of inflation on input prices and capital intensity, even while the growth rate of output is reduced by inflation
Capital (architecture) · Capital intensity · Cointegration · Econometrics · Economics · Human capital · Inflation (cosmology) · Macroeconomics · Market economy · Monetary economics · Monetary policy · Real interest rate · Relative price · Economic theories and models · Fiscal Policy and Economic Growth · Monetary Policy and Economic Impact
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Maximum Likelihood Estimation and Inference on Cointegration — With Applications to the Demand for Money
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| Unique citing works | 2 |
|---|---|
| Citations per year | 0,1 |
| Citation span | 2005 - 2011 (7) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |