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Habits are modeled in such a way that current consumption increases the marginal utility of future consumption.'' He shows ``that the monetary steady state is locally stable when the discount factor is close to one half, the endowment profile is hump-shaped, and the utility function is logarithmic.''  The paper is structured as follows. ``Section 2 introduces the layout of the model. Section 3 studies the competitive equilibrium with outside money, revisits the two-period model put forth by \\textit{A. Lahiri} and \\textit{M. Puhakka} [J. Econ. 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