Comparative Statics Of Money-Goods Specifications Of The Utility Function
AbstractThe introduction of real-cash balances into the neoclassical model of the consumer wrecks havoc, in general, on the empirically observable refutable comparative statics properties of the model. We provide the most general solution of this problem to date by deriving a symmetric and negative semidefinite generalized Slutsky matrix that is empirically observable and which contains all other such comparative statics results as a special case. In addition, we clarify and correct two aspects of Samuelson and Satos (1984) treatment of this problem.
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Bibliographic InfoPaper provided by University of California, Davis, Department of Agricultural and Resource Economics in its series Working Papers with number 11953.
Date of creation: 2001
Date of revision:
Research Methods/ Statistical Methods;
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