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Simonsen and the early history of the cash\in-advance approach

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  • Mauro Boianovsky

Abstract

The paper brings to light an early contribution to the cash-in-advance literature made by the Brazilian economist Mario Henrique Simonsen (1935-1997) in an article written in Portuguese as far back as 1964. Simonsen explicitly introduced the cash-in-advance constraint as an inequality in a non-linear programming problem and provided a diagrammatic illustration of the interior and boundary solutions. He also applied the concept to the discussion of the quantity theory of money and showed that the classical dichotomy is valid for the stationary equilibrium of prices over time.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09672560110103388
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 9 (2002)
Issue (Month): 1 ()
Pages: 57-71

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Handle: RePEc:taf:eujhet:v:9:y:2002:i:1:p:57-71

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Related research

Keywords: Simonsen; Cash-IN-ADVANCE; Non-LINEAR Programming; Quantity Theory Of Money; Classical Dichotomy;

References

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  1. Laidler, David E W, 1991. "Karl Brunner's Monetary Economics--An Appreciation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(4), pages 633-58, November.
  2. Grandmont, Jean-Michel & Younes, Yves, 1972. "On the Role of Money and the Existence of a Monetary Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 39(3), pages 355-72, July.
  3. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
  4. Howitt, P W, 1974. "Stability and the Quantity Theory," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 133-51, Jan.-Feb..
  5. Meir Kohn, 1988. "The Finance Constraint Theory of Money: A Progress Report," Economics Working Paper Archive wp_5, Levy Economics Institute.
  6. Brunner, Karl & Meltzer, Allan H, 1971. "The Uses of Money: Money in the Theory of an Exchange Economy," American Economic Review, American Economic Association, vol. 61(5), pages 784-805, December.
  7. Simonsen, Mario Henrique & Cysne, Rubens Penha, 2001. "Welfare Costs of Inflation and Interest-Bearing Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(1), pages 90-100, February.
  8. Lucas, Robert E, Jr, 1980. "Equilibrium in a Pure Currency Economy," Economic Inquiry, Western Economic Association International, vol. 18(2), pages 203-20, April.
  9. Svensson, Lars E O, 1985. "Money and Asset Prices in a Cash-in-Advance Economy," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 919-44, October.
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