Comparative Statics of Money-goods Specifications of the Utility Function |
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Authors: | Quirino Paris Michael R. Caputo |
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Affiliation: | (1) Department of Agricultural and Resource Economics, University of California, One Shields Avenue, Davis, CA 95616-85121, USA (e-mails: paris@primal.ucdavis.edu; caputo@primal.ucdavis.edu), US |
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Abstract: | The 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 Sato's (1984) treatment of this problem. Received March 9, 2001; revised version received September 3, 2001 |
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Keywords: | : money-goods models, weak separability, Slutsky matrix, comparative statics. |
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