bonds and differ drastically from those of money supplies. We argue that the FTPL attained prominence precisely because it …

optimizing general equilibrium model intended for analysis of issues regarding monetary policy and cyclical fluctuations. The …, forward-looking aspect to saving behavior and leads to a model of aggregate demand that is tractable and usable with a wide …

monetary policy analysis, but usually with capital and investment treated as exogenous a significant restriction. This paper … demonstrates that investment decisions can be endogenized without undue complexity in such models and that these can be calibrated …

.The clearest is that an open-market increase in the money stock has a stimulative effect on aggregate demand, a conclusion that in … turn implies that a money-financed increase in government expenditures (or reduction in taxes) is more stimulative than it …

bonds and differ drastically from those of money supplies. We argue that the FTPL attained prominence precisely because it …

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced …-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a … literature that is more explicit about the frictions making money essential. This introduces several new elements, including a …