James Bullard argues that reformulating the model to the point where a time period could be interpreted as a month or a quarter does not change the qualitative results, at least in a certain special case. In particular, the long-run equilibria of the model are unchanged, and the condition for paper currency to be valued is analogous to the condition in the original model. Bullard’s argument is based on a relatively simple, but algebraically complicated, example in which solutions can be worked out explicitly.