[It is well known that in the Sidrauski monetary intertemporal optimizing model the steady state capital stock is invariant to the rate of inflation. This paper shows that the rate of accumulation of capital is not invariant to the rate of inflation and that, for the constant relative risk aversion family of utility functions (except logarithmic), the rate of capital accumulation is faster the higher the growth rate of money. Money is thus not neutral on transition paths.]

[The relationship between the contingent commodity and asset approaches to consumer behavior under uncertainty is used in examining Slutsky equations for assets. The menu of assets describes an "attainable set" of contingent commodities; it is shown that a number of types of changes in the distributions of returns on assets leave this attainable set unaltered and that the effects of such changes in distributions on asset demands are simply related to the effects of a change in the asset price on demands.]