I show that in a monetary growth model Edgeworth-substitutability between consumption and real balances do not in general imply multiple steady state solutions as has been Hidely believed following Drock (1974). I then show that when the government budget constraint is explicit and the deficit is money-financed with fixed real coupons on outstanding bonds, it is not possible to rule out multiple steady states.
Haque, M. Badrul, "Monetary and extended monetary growth models: the question of uniqueness in the steady state" (1991). Department of Economics and Finance Working Papers, 1991-2006. Paper 53.