S. Fischer, “Capital Accumulation on the Transition Path in a Monetary Optimizing Model,” Econometrica, Vol. 47, No. 6, 1979, pp. 1433-1439. doi:10.2307/1914010
has been cited by the following article:
TITLE: A Comment on Reis
AUTHORS: Kenji Miyazaki
KEYWORDS: Monetary Policy, Superneutrality, Nominal Interest Rate Policy, Perfect Complementary between Consumption and Money
JOURNAL NAME: Theoretical Economics Letters, Vol.1 No.3, November 3, 2011
ABSTRACT: This note gives a counterexample on Reis [1]. Using a certain family of utility functions, this note not only gives a sharper representation than that of Reis but also demonstrates that interest rate inelastic money demand does not lead to superneutrality. This implies that superneutrality does not exist when uncerinty is introduced.