Non-Neutral Responses to Money Supply Shocks when Consumption and Leisure are Pareto Substitutes
To a greater extent than is often stressed in extant literature, preference assumptions affect responses to monetary shocks in representative agents models. Temporary money shocks can have persistent real effects in cash in advance models if the marginal utility of leaisure is a decreasing function of consumption, where leisure is measured as time endowment less market labor effort, and consumption refers to market produced goods.
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