TURNPIKE PROPERTIES OF A MONEY‐IN‐THE‐UTILITY‐FUNCTION MODEL*

Atsumasa Kondo

The Japanese Economic Review, 2007, vol. 58, issue 1, 147-171

Abstract: This study establishes the global stability of a long‐run stationary state in a money‐in‐the‐utility‐function model. The major finding is that the constant money supply rule results in a stable allocation and price system if consumers discount their future utilities sufficiently weakly. Nominal and real interest rates will be in the neighbourhood of the inverse of the consumers’ discount factor β‐1.

Date: 2007
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1468-5876.2007.00346.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:jecrev:v:58:y:2007:i:1:p:147-171

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1352-4739

Access Statistics for this article

The Japanese Economic Review is currently edited by Akira Okada

More articles in The Japanese Economic Review from Japanese Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().