On the integrability of money-demand functions by the sidrauski and the shopping-time models

dc.contributorEscolas::EPGE
dc.contributorFGV
dc.creatorCysne, Rubens Penha
dc.creatorTurchick, David
dc.date.accessioned2017-12-11T16:32:55Z
dc.date.accessioned2019-05-22T13:59:55Z
dc.date.available2017-12-11T16:32:55Z
dc.date.available2019-05-22T13:59:55Z
dc.date.created2017-12-11T16:32:55Z
dc.date.issued2009-01-08
dc.identifierCysne, Rubens Penha; Turchick, David. On the integrability of money-demand functions by the sidrauski and the shopping-time models. January, 2009.
dc.identifierhttp://hdl.handle.net/10438/19318
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/2688924
dc.description.abstractThis paper investigates which properties money-demand functions must satisfy so that they are consistent with Lucasís [Lucas, R.E., Jr., 2000. Ináation and welfare. Econometrica 68, 247-274] versions of the Sidrauski and the shopping-time models. We conclude that shopping-time-integrable money-demand functions are necessarily also Sidrauski-integrable, but that the converse is not necessarily true, unless a boundedness assumption on the nominal interest rate is made. Both the log-log with an interest-rate elasticity greater than or equal to one and the semi-log money demands may serve as counterexamples. All the models and results are also extended to the case in which there are several assets in the economy performing monetary functions.
dc.languageeng
dc.subjectMoney demand
dc.subjectIntegrability
dc.subjectSidrauski
dc.subjectShopping time
dc.subjectInterest-bearing assets
dc.titleOn the integrability of money-demand functions by the sidrauski and the shopping-time models
dc.typeArticle (Journal/Review)


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