Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes
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We study models incorporating money, household production, and investment in housing. Inflation, as a tax on market activity, encourages substitution into household production, and thus investment in household capital. Hence, inflation increases the (appropriately deflated) value of the housing
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美国国家经济研究局创建时间：
2012-08-01
