Inflation Aversion
نویسندگان
چکیده
In optimal growth models, positive time preferences, i.e. people systematically discount utility derived from future consumption, is taken for granted [Olson and Bailey (1981)]. In addition, a further modeling of time preferences by Uzawa (1968), where the time preference is an increasing function of current utility, has been increasingly used in growth and asset accumulation models. See Obstfeld (1981), (1982) and (1989) among others. While most economists do not question the existence of positive
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