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Money illusion, Gorman and Lau

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  • Colby, Scott
  • Tim, Graciano
  • Jeffrey, LaFrance
  • Rulon, Pope

Abstract

Any demand equation satisfying Lau’s (1982) Fundamental Theorem of Exact Aggregation and is 0 homogeneous in prices and income will have a Gorman (1981) functional form for each income term. This property does not depend on symmetry or adding up. The implications of this result are illustrated by an extensive example.

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File URL: http://mpra.ub.uni-muenchen.de/32709/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32709.

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Date of creation: 05 Aug 2011
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Handle: RePEc:pra:mprapa:32709

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Keywords: Demand; exact aggregation; functional form; homogeneity;

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  1. Lau, Lawrence J., 1982. "A note on the fundamental theorem of exact aggregation," Economics Letters, Elsevier, Elsevier, vol. 9(2), pages 119-126.
  2. Lewbel, Arthur, 1990. "Full Rank Demand Systems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(2), pages 289-300, May.
  3. Howe, Howard & Pollak, Robert A & Wales, Terence J, 1979. "Theory and Time Series Estimation of the Quadratic Expenditure System," Econometrica, Econometric Society, Econometric Society, vol. 47(5), pages 1231-47, September.
  4. Muellbauer, John, 1976. "Community Preferences and the Representative Consumer," Econometrica, Econometric Society, Econometric Society, vol. 44(5), pages 979-99, September.
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