Simonsen and the early history of the cash\in-advance approach
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.
Volume (Year): 9 (2002)
Issue (Month): 1 ()
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- 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.
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- Meir Kohn, 1988. "The Finance Constraint Theory of Money: A Progress Report," Economics Working Paper Archive wp_5, Levy Economics Institute.
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- Simonsen, Mário Henrique, 1964. "A Lei de Say e o Efeito Liquidez Real," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 18(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.
- 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.
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