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 …

, either by themselves, or alongside a stock of outside money. In each case we provide results on the existence and …

Many different models of money stock determination exist in the literature. An attempt is made here to understand why … that the price level adjust in order to cause the real quantity of money to equal the real quantity demanded. In contrast …, in the real bills or banking school tradition, the nominal quantity of money adjusts in order to provide the real …

In any discussion of the demand for money it is important to be clear about the concept of money that is being utilized … payment for any commodity. Money thus conceived will also serve as a store of value, but may be of minor importance to the …

"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset … the longer their investment horizon, while the optimal allocation to stocks declines as a function of the investment … returns from the dividend yield give rise to a non-monotonic relationship between the investment horizon and the demand for …