An increase in the rate of money growth leads to an increase in the rate of inflation. Inflation, in turn, causes the nominal interest rate to rise, which means that the opportunity
cost of holding money increases. As a result, real money balances fall. Since money is part of wealth, real wealth also falls. A fall in wealth reduces consumption,and, therefore, increases saving. The increase in saving leads to an outward shift of the saving schedule, This leads to a lower real interest rate.

The classical dichotomy states that a change in a nominal variable such as inflation does not affect real variables. In this case, the classical dichotomy does not hold;the increase in the rate of inflation leads to a decrease in the real interest rate. The Fisher effect states that i = r + π. In this case, since the real interest rate r falls, a 1-percent increase in inflation increases the nominal interest rate i by less than 1 percent.

Most economists believe that this Mundell–Tobin effect is not important because real money balances are a small fraction of wealth

谢谢。

这种影响显然是产生于新均衡的短期实现过程中。在长期中，根据古典二分法，货币是中性的即货币额的变化不影响实际变量。但在短期内，情况就不是这样的。正如你所分析的那样，货币增长率的提高提高了名义利率，从而在短期内减少了消费，增加了储蓄。让我有些费解其实倒不是这一点，而是货币增长率的提高如何影响实际利率的。如果理解了实际利率为何下降，那么问题就全部得以解决了。

根据bajjio朋友的见解，实际利率下降的原因在于：在新均衡形成之前，货币增长率的提高增加了资本市场上货币的供给，降低了货币的需求，因此实际利率下降。

我们知道，曼昆在《宏观经济学》中根据货币数量论提出了一个解释宏观经济中总体物价水平的模型，其中的货币需求函数的构建颇令人生疑：https://bbs.pinggu.org/thread-91228-1-1.html

The Mundell–Tobin effect is based on the classical model,using the loadable funds model,we can know that the real interest rate decreases.