Aoki, Yoshimasa; Tomoda, Yasunobu - In: The Quarterly Review of Economics and Finance 49 (2009) 3, pp. 798-810
This paper studies the Friedman rule for the optimal quantity of money in money in the utility (MIU) and cash-credit models while considering two specifications for the endogenous discount factor. In the first specification, the discount factor depends directly on the utility level. In the...