Monetary policy rules in an OLG model with non-superneutral money

► The paper compares properties of two monetary policy rules: (i) a constant money growth rule and (ii) an interest rate targeting rule. ► The results of this comparison depend on whether under the overall monetary-fiscal regime long-run real interest rates are independent of inflation. ► The paper shows how unique and determinate dynamics can be established for either type of rule for a broad range of such regimes.