“…2 This issue, in neoclassical growth theory, dates back to Tobin (1965) and Johnson (1966) (Hayakawa, 1984(Hayakawa, , 1986, but it was Sidrauski (1967aSidrauski ( , 1967b who addressed it using a normative intertemporal model that features money in the utility function and a constant rate of time preference, and showed that money is superneutral. The issue is still widely debated from a number of different perspectives (e.g., Ascari, 1998;Epstein & Hynes, 1983;Hayakawa, 1992Hayakawa, , 1994Homburg, 2015;Longaretti & Gatti, 2004, 2006Orphanides & Solow, 1990;Rapach, 2003;Reis, 2007;Vaona, 2016;Wang, 2012). 3 This paper gives another perspective to this literature by imputing the flow of transaction services of money and replacing money with this flow in the utility function.…”