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BASIC CONSIDERATIONS FOR THE FORMULATION
THE PATINKINLLOYD MODEL
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aggregate demand aggregation aggregation problem Aitken estimation application asset equation asset price effect assumed assumption Barten commodity price change comparative static constraint consumption covariance matrix definition degree zero demand equations demand functions derived direct utility durable Dusansky ex ex food and beverages formulation homogeneity and symmetry homogeneous of degree implies income effect individual interest rate Kalman Leon Walras linear LM-test marginal resource shares maximization monetary demand system monetary model money and assets money stock Mt-i nominal money nondurables obtained parameters Patinkin Patinkin-Lloyd model period Phlips Pi Pi PL-model price coefficients price elasticities price level price of money problem proper substitution effects properties real asset effect real balance effect real wealth effect resource elasticities Rotterdam short run significant Slutsky equation stock of money substitution matrix Table theory traditional utility function variables vector Walras yield