Show simple item record Chami, R Cosimano, TF Fullenkamp, C 2010-03-09T15:42:33Z 2001-07-01
dc.identifier.citation Review of Economic Dynamics, 2001, 4 (3), pp. 575 - 606
dc.identifier.issn 1094-2025
dc.description.abstract A market for used capital goods, or financial instruments that represent the ownership of the used capital goods, induces inflation taxes on wealth and on the nominal income flows that they provide. This paper explicitly introduces trading in either used capital goods or financial instruments into the standard stochastic growth model with money and production. These two monetary economies are equivalent. The value of the firm is equal to the firm's capital stock divided by inflation. The resulting asset-pricing conditions indicate that the effect of inflation on asset returns differs from the effects found in the literature by the addition of a significant wealth tax. Journal of Economic Literature Classification Numbers: E0, E4, E5. © 2001 Academic Press.
dc.format.extent 575 - 606
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.relation.ispartof Review of Economic Dynamics
dc.relation.isversionof 10.1006/redy.2001.0129
dc.title Capital Trading, Stock Trading, and the Inflation Tax on Equity
dc.type Journal Article
dc.department Economics
pubs.issue 3
pubs.organisational-group /Duke
pubs.organisational-group /Duke/Trinity College of Arts & Sciences
pubs.organisational-group /Duke/Trinity College of Arts & Sciences/Economics
pubs.publication-status Published
pubs.volume 4

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