Relative Prices, Say's Law, and the Demand for Money

Consumer's Behavior and Liquidity Preference

“…In fact, many theorists (e.g., Professors P. A. Samuelson [8], C. E. von Leser [3], and D. Patinkin [6]) tried to expand the traditional theory in order to be able to analyze consumer's demand for money, but they have not yet settled the problem of the substitution between cash and bonds, which is one of the most important problems in a monetary economy. In this paper we shall analyze consumer's behavior in a monetary economy.…”

Comparative Statics of Money-Goods Specifications of the Utility Function

“…As noted above, this line of research is of old vintage, dating back to Samuelson (1947), Patinkin (1948), Lloyd (1971), Berglas and Razin (1974), and Samuelson and Sato (1984). In none of these works, however, have the authors achieved the most general set of empirically verifiable and refutable comparative statics properties possible under the stated specifications and assumptions.…”

“…The justification for including commodity prices was advanced more than fifty years ago by Samuelson (1947) and Patinkin (1948), both of whom also suggested the introduction of real cash balances into the consumer's preferences. About the same time, Scitovsky (1945) suggested that prices may also be choice variables when they are perceived as an index of a commodity's quality.…”

The Economic Record versus AER: Twenty Six Years Ahead on the Money-Goods Model

“…The most significant papers can be listed, in chronological order of appearance, as those of Leser (1943), Samuelson (1947), Patinkin (1948), Morishima (1952), Pearce (1958), Lloyd (1964Lloyd ( , 1971, Berglas and Razin (1974), and Samuelson and Sato (1984).…”