Asset Pricing and the Role of Money in an Intergenerational Economy
检验货币效用函数模型的稳健性，发现货币变量时间设定对股票抗通胀能力等定性结论有决定性影响，提醒学者注意模型参数化的敏感性。
This note is an attempt to check the robustness of money-in-the-utility function (MIUF) models. The parametrization of the of is an ad hoc constraint on the economic model which does not reveal its underlying relation to the parameters of the environment, such as tastes, technology, and endowments from which it arises. In particular, the various parametrizations do not suggest any interpretation in terms of different roles for money in the exchange process. It thus appears that the usefulness of MIUF models in economic theory depends critically on the issue of whether or not their qualitative properties are sensitive to the specification of money in the utility function. We show that important qualitative conclusions hinge critically on the time specification of the monetary variables which are included in the utility function.' In particular, the ability of common stocks to provide protection against inflation resulting from monetary and real shocks, respectively, depends sensitively on the way the liquidity services of money are parametrized in the individual preferences.