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Turnpike Properties Of A Money‐In‐The‐Utility‐Function Model

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  • ATSUMASA KONDO

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.

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  • Atsumasa Kondo, 2007. "Turnpike Properties Of A Money‐In‐The‐Utility‐Function Model," The Japanese Economic Review, Japanese Economic Association, vol. 58(1), pages 147-171, March.
    • Handle: RePEc:bla:jecrev:v:58:y:2007:i:1:p:147-171
    DOI: 10.1111/j.1468-5876.2007.00346.x
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    Cited by:

    1. Atsumasa Kondo, 2008. "On The Inefficacy Of Temporary Policy In A Dynamic General Equilibrium With Money," The Japanese Economic Review, Japanese Economic Association, vol. 59(3), pages 324-344, September.

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