Money growth rules and price level determinacy

Do exogenous money growth rules produce price level determinacy? This is a classic topic in monetary theory. This paper contributes to this literature by examining the effect of money demand timing. The paper demonstrates how conditions for determinacy vary depending upon whether the theoretical model uses "cash-in-advance" timing or "cash-when-I'm-done" timing. This issue is addressed in an endowment economy and a standard production economy. (C) 2003 Elsevier Science (USA). All rights reserved.