<?xml version="1.0" encoding="UTF-8"?><xml><records><record><source-app name="Biblio" version="7.x">Drupal-Biblio</source-app><ref-type>17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Xiaoyong Cui</style></author><author><style face="normal" font="default" size="100%">Liutang Gong</style></author><author><style face="normal" font="default" size="100%">Jianfang Yang</style></author><author><style face="normal" font="default" size="100%">Heng-fu Zou</style></author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Marshallian time preference and monetary non-neutrality</style></title><secondary-title><style face="normal" font="default" size="100%">Economic Modelling</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2008</style></year></dates><language><style face="normal" font="default" size="100%">eng</style></language><abstract><style face="normal" font="default" size="100%">&lt;p&gt;&lt;span&gt;With the introduction of Marshallian recursive preferences to the Sidrauski model, this paper re-examines the effects of monetary growth on the economy. It is found that an increase in the monetary growth rate decreases the steady-state value of capital stock, consumption, and real balance holding. Short-run analysis presents the mechanism that inflation affects the economy: An increase in the monetary growth rate leads to an increase of initial consumption and reduction of initial savings, which increases the instantaneous time preference rate and makes people less patient initially. Finally, Friedman's optimal monetary growth rule is also investigated in this paper.&lt;/span&gt;&lt;/p&gt;</style></abstract></record></records></xml>