Arbeitspapier
Inflation, human capital and Tobin's q
A pervasive empirical finding for the US economy is that inflation is negatively correlated with the normalized market price of capital (Tobin's q) and growth. A dynamic stochastic general equilibrium model of endogenous growth is developed to explain these stylized facts. In this model, human capital is the principal driver of self-sustained growth. Long run comparative statics analysis suggests that inflation diverts scarce time resource to leisure which lowers human capital utilization. This impacts growth adversely and modulates capital adjustment cost downward resulting in a decline in Tobin's q. For the short run, a Tobin effect of inflation on growth weakens the negative association between inflation and q.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2009/16
- Klassifikation
-
Wirtschaft
- Thema
-
Inflationsrate
Wirtschaftswachstum
Tobin's Q
USA
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Basu, Parantap
Gillman, Max
Pearlman, Joseph
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
- 10.03.2025, 10:44 UTC
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Basu, Parantap
- Gillman, Max
- Pearlman, Joseph
- Cardiff University, Cardiff Business School
Entstanden
- 2009
Ähnliche Objekte (12)
Inflation, Human Capital and Tobin's q
Set identification with Tobin regressors
Inflation, Taxation and Capital Cost
James Tobin and Modern Monetary Theory
Financial frictions, investment and Tobin's q
Some Criticism of the Tobin Tax
The Equity Risk Premium and the Required Share Returns in a Tobins q Model
Does Capital Account Openness Lower Inflation?
Monetary equilibria in a Baumol-Tobin economy
Why the Tobin tax can be stabilizing
The Tobin effect and the Friedman rule
On the determinants of euro area FDI to the United States: the knowledge- capital-Tobin's Q framework
Inflation, Human Capital and Tobin's q
Set identification with Tobin regressors
Inflation, Taxation and Capital Cost
James Tobin and Modern Monetary Theory
Financial frictions, investment and Tobin's q
Some Criticism of the Tobin Tax
The Equity Risk Premium and the Required Share Returns in a Tobins q Model
Does Capital Account Openness Lower Inflation?
Monetary equilibria in a Baumol-Tobin economy
Why the Tobin tax can be stabilizing
The Tobin effect and the Friedman rule
On the determinants of euro area FDI to the United States: the knowledge- capital-Tobin's Q framework
Inflation, Human Capital and Tobin's q
Set identification with Tobin regressors
Inflation, Taxation and Capital Cost
James Tobin and Modern Monetary Theory
Financial frictions, investment and Tobin's q
Some Criticism of the Tobin Tax
The Equity Risk Premium and the Required Share Returns in a Tobins q Model
Does Capital Account Openness Lower Inflation?
Monetary equilibria in a Baumol-Tobin economy
Why the Tobin tax can be stabilizing
The Tobin effect and the Friedman rule