Money in the Utility Function An Empirical Implementation Classic Reprint
Language: English
Published by Forgotten Books, 2019
- Softcover
- New

Seller: PBShop.store US, Wood Dale, IL, U.S.A.PBShop.store US
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Condition: New
US$ 27.85
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Seller Inventory # LW-9781334475498
- Title
- Money in the Utility Function An Empirical Implementation Classic Reprint
- Author
- James M. Poterba
- Publisher
- Forgotten Books
- Publication year
- 2019
- Condition
- New
- Binding
- PAP
- Language
- English
- ISBN 10
- 1334475490
- ISBN 13
- 9781334475498
- Item weight
- 136 grams
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.
"Synopsis" may belong to another edition of this title.
About the Author
Julio Rotemberg is the William Ziegler Professor of Business Administration at the Harvard Business School and a Research Associate of the National Bureau of Economic Research.
"About the title" may belong to another edition of this title.
PBShop.store US
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