O crescimento econômico ótimo em economias com inflação

Abstract

The impact of stochastic inflation and producivity on the optimal economic growth is analyzed in a model where the demand for money is due to transactions costs that arise when other assets besides money are used to implement the agent's consumption plan. It is shown that the increase in the expected inflation reduces the per capita expected wealth and capital stock in the steady state, an effect whose direction is opposite to the one found in Tobin's model. The concentration of the analysis on high inflation processes focuses attention in the cases where these effects are larger and simplifies of the analytic solution of the model, yielding closed form solutions for the demand for money, the interest rate and the equilibrium capital stock. It is found that a mean-preserving increase of the inflation uncertainty only has real effects if it is associated with an increase in the variability of the productivity.