Money in the Utility Function (Classic Reprint): An Empirical Implementation: An Empirical Implementation (Classic Reprint) - Softcover
Synopsis
Explore how households derive value from money and liquid assets, not just from consumption. This study presents a unified way to model asset demands that treats liquidity as a direct source of utility, alongside consumption.
The authors build a representative consumer model that includes four major asset classes—money, time deposits, short-term government debt, and corporate equity—and examine how these holdings interact with consumption. They estimate a utility-based framework using instrumental variables and test whether liquidity services are a real part of utility, not just a byproduct of other theories. The work also discusses estimation challenges, model identifiability, and how the results stack up against previous studies.
- How the theory connects consumption, asset holdings, and liquidity services in a single framework
- Estimation methods, overidentifying restrictions, and what the data say about utility from liquidity
- Key findings on the share of spending devoted to consumption and the elasticity of substitution among assets
- Implications for interpreting asset demand and for comparing with earlier models
Ideal for readers interested in monetary economics, asset demand, and empirical methods that link consumption with portfolio choices.
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About the Author
James M. Poterba is Mitsui Professor in the Department of Economics at MIT. He has been Director of the NBER Public Economics Research Program since 1991 and has edited volumes 6-20 of "Tax Policy and the Economy".
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Paperback. Condition: New. Print on Demand. This book explores the use of asset demand as a method to manage consumer demand, opening up approaches for economists to study the effects of government interventions in financial markets and consumer behavior. Unlike existing models, it can be interpreted as a rational response of individuals to economic environments. It is suitable as a reference for advanced students and scholars carrying out research in this field. The book provides empirical tests of a theoretically sound model using data that economists do not typically analyze in this manner. The author offers alternative interpretations of established economic concepts, which can be applied to new areas of research and new ways of understanding consumer behavior. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781334475498_0
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