Money, Inflation, and Capital Formation An Analysis of the Long Run
This book is a slightly revised version of my doctoral thesis which I wrote during my time as an assistant at the Faculty of Economics of the University of Magdeburg. I am grateful that I had the opportunity to write my the sis in the stimulating atmosph
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nger-Verlag Berlin Heidelberg GmbH
Leopold von Thadden
Money, Inflation, and Capital Formation An Analysis of the Long Run from the Perspective of Overlapping Generations Models
Author Dr. Leopold von Thadden Deutsche Bundesbank Hauptabteilung Volkswirtschaft Postfach 10 06 02 60006 Frankfurt/Main, Germany
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Die Deutsche Bibliothek - CIP-Einheitsaufnahme Thadden, Leopold von: Money, inflation, and capital formation : an analysis of the long run from the perspective of overlapping generations models / Leopold von Thadden. - Berlin ; Heidelberg ; New York ; Barcelona ; Hong Kong ; London ; Milan ; Paris ; Singapore ; Tokyo : Springer, 1999 (Lecture notes in economics and mathematical systems ; 479} ISBN 978-3-540-66456-7 ISBN 978-3-642-58556-2 (eBook) DOI 10.1007/978-3-642-58556-2
ISSN 0075-8442 ISBN 978-3-540-66456-7 This work is subject to copyright. A l l rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, re-use of illustrations, recitation, broadcasting, reproduction on microfilms or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. © Springer-Verlag Berlin Heidelberg 1999 Originally published by Springer-Verlag Berlin Heidelberg New York in 1999 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Typesetting: Camera ready by author Printed on acid-free paper SPIN: 10725092
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Preface This book is a slightly revised version of my doctoral thesis which I wrote during my time as an assistant at the Faculty of Economics of the University of Magdeburg. I am grateful that I had the opportunity to write my thesis in the stimulating atmosphere of this young and lively faculty. lowe a great amount of gratitude to my supervisor Prof. G. Schwodiauer who constantly encouraged my work and helped to improve it in many discussions. I also would like to thank Prof. K-H. Paque and Prof. P. Flaschel who, as members of my doctoral committee, commented on various details of this study in a very constructive manner. At various stages of my work I received helpful comments from many colleagues of mine, in particular T. Konig and A. Wohrmann. However, it goes without saying that I retain full responsibility for all remaining errors.
Contents Introduction
I
Money, inflation, and capital formation in the long run: general remarks
1 Summary of the literature: theoretical aspects
1
5 7
2
Summary of the literature: empirical aspects
19
3
Further reflections on money
29
II 4
Money, infla
