Asset and commodity prices with multi-attribute durable goods

Article Abstract:

The impact of durable goods' attributes on the equilibrium prices and demand functions in a pure exchange representative agent economy was investigated. Specifically, amendments of the conventional preference structure are introduced to account for durable goods' provision of service and status to owners. The results indicate that the equilibrium interest rate is dependent on the growth rate of the durable good's consumption, service and status production while the asset risk premia is characterized by a two-beta consumption CAPM model.

Research, Consumer goods, Equilibrium (Economics), Durable goods, Demand functions (Economics), Demand functions

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Optimal Money Holding Under Uncertainty

Article Abstract:

Optimization of monetary balances under uncertainty of payment flows is considered. The optimal money holding rule is a two-target, two-threshold inventory problem. Holding plus transfer costs must be minimized.

Money

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A Walrasian theory of commodity money: Paradoxical results

Article Abstract:

Banergee and Maskin's model of commodity money is examined.

Usage, Economic research, Observations, Walrasian model

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