Money in the Utility Function (Classic Reprint): An Empirical Implementation - Couverture souple

Poterba, James M.

Couverture souple

ISBN 10 : 1334475490 ISBN 13 : 9781334475498

Editeur : Forgotten Books, 2018

Synopsis

Explore how households derive value from money and liquid assets, not just from consumption. This study presents a unified way to model asset demands that treats liquidity as a direct source of utility, alongside consumption.

The authors build a representative consumer model that includes four major asset classes—money, time deposits, short-term government debt, and corporate equity—and examine how these holdings interact with consumption. They estimate a utility-based framework using instrumental variables and test whether liquidity services are a real part of utility, not just a byproduct of other theories. The work also discusses estimation challenges, model identifiability, and how the results stack up against previous studies.

• How the theory connects consumption, asset holdings, and liquidity services in a single framework


• Estimation methods, overidentifying restrictions, and what the data say about utility from liquidity


• Key findings on the share of spending devoted to consumption and the elasticity of substitution among assets


• Implications for interpreting asset demand and for comparing with earlier models

Ideal for readers interested in monetary economics, asset demand, and empirical methods that link consumption with portfolio choices.

Détails de l'édition

• Éditeur: Forgotten Books
• Date d'édition: 2018
• Langue: anglais
• ISBN 10: 1334475490
• ISBN 13: 9781334475498
• Reliure: Broché
• Nombre de pages: 51
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