Money Supply and Capital Accumulation on the Transition Path Revisited
使用更一般的CES效用函数，将Fischer和Asako关于货币增长率与资本积累率相关性的矛盾结论统一为特例，并得出更符合现实的利率弹性。
Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a constant relative risk aversion utility (based on a Cobb–Douglas and a Leontief function, respectively) into Sidrauski's model—yet return contrasting results. The present analysis, by using a more general CES utility, presents both of those settings and conclusions as limiting cases and generates economic figures more consistent with reality (e.g., the interest rate elasticity of the money demands derived from those previous works is necessarily 1 and 0, respectively).