Microfoundations for a stable demand for money function.
Part of a special section on the search for microfoundations and the demand for money. The buffer stock approach, which explains the demand for money in the context of individual optimization and the microeconomics of adjustment in the market for money, has gone further than other approaches in dea...
| Publicado en: | Economic Journal Vol. 107; pp. 1202 - 1213 |
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| Formato: | Artículo |
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Wiley-Blackwell
July 1997
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513018042&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513018042 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00130133 EJN jtl: Economic Journal issn: 00130133 maglogo: N pubinfo: dt: July 1997 vid: 107 pid: 480 pub: Wiley-Blackwell artinfo: ui: 513018042 10.1111/1468-0297.00218 ppf: 1202 ppct: 11 formats: tig: atl: Microfoundations for a stable demand for money function. aug: au: Mizen, Paul su: Demand for money Microeconomics Econometrics sug: subj: Demand for money Microeconomics Econometrics ab: Part of a special section on the search for microfoundations and the demand for money. The buffer stock approach, which explains the demand for money in the context of individual optimization and the microeconomics of adjustment in the market for money, has gone further than other approaches in dealing with the fundamental microfoundations of the demand for money. The buffer stock model has firm microfoundations that can explain the events both before and after the breakdown of the partial adjustment model. Due to its sound microfoundations, the buffer stock model has been able to save the demand for money function and establish its stability after breakdown of the partial adjustment model. Only the buffer stock specifies the demand for money in a realistic way as the interaction of optimizing individuals in a market linking the past to the present and the future. The willingness to adopt a theoretically robust model that is nevertheless applicable to the real world is the distinguishing feature of this model over other alternatives. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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