Title: Money in the utility function: Functional equivalence to a shopping-time model
Abstract: Does the money-in-the-utility-function (MUF) model provide an adequate micro-foundation for monetary theory? Feenstra (1986) argues that it does by showing an equivalence between the MUF model and other microfoundations-of-money models. This paper raises two difficulties with Feenstra's approach. It then uses his analysis to show that a shopping-time model of money is equivalent to an MUF model and overcomes these two objections.
Publication Year: 1993
Publication Date: 1993-12-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 63
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