Neutralidad del dinero en modelos de crecimiento con dinero

Abstract

In 1967 the late Miguel Sidrauski published a couple of seminal papers on growth and money. In one of these papers (the one published in the AER) money is superneutral in the sense that changes in the rate of growth of money supply do not modify the capital-labor ratio of the economy, while in the other paper (the one published in the JPE) money is not superneutral. In this paper it is shown that the difference is explained by the way in which the new money is incorporated into the economy in each case.