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Keynesian time preferences and monetary superneutrality

Wang, Gaowang (2011): Keynesian time preferences and monetary superneutrality.

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Abstract

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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