When government liabilities (including money) are held in private portfolios only as stores of value, and do not provide additional beneﬁts (as liquidity services), the real variables in an economy with uncertainty are not aﬀected by the government’s trading in assets. There are also policies which alter the money supply through taxes or subsidies, and aﬀect the price of money without changing real variables.
Chamley, Christophe and Polemarchakis, Heracles M., "Asset Markets, General Equilibrium and the Neutrality of Money" (1981). Cowles Foundation Discussion Papers. 841.