Keynesian time preferences and monetary superneutrality

By introducing Keynesian time preference, we reexamine the neoclassical growth model with endogenous time preference. It is shown that the existence, uniqueness, and stability of the steady state guarantee. When introduced by MIU, money is superneutral and the Friedman rule is optimal. Furthermore, the equilibrium real rate of return is equal to the equilibrium rate of time preference and is the unique fixed point of the time preference function.

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Year of publication:	2011
Authors:	Wang, Gaowang

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Wang, Gaowang (2011): Keynesian time preferences and monetary superneutrality.
Classification:	O42 - Monetary Growth Models ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E1 - General Aggregative Models
Source:	BASE

Persistent link: https://www.econbiz.de/10015232453