The Econometric SocietyEdited by: Marina Halac • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Nov, 1981, Volume 49, Issue 6
https://www.jstor.org/stable/1911418
p. 1559-1570
Elhanan Helpman
For an individual with a time independent flow of real income who maximizes the discounted flow of utilities over an infinite horizon, the paper provides an exact characterization of the expenditure and money demand functions. Utility is derived only from consumption while all payments are made in the form of money. Money, which is the only asset, is used both for transaction purposes and as a store of value.
December 11, 2025
We are deeply saddened by the passing of Kate Ho, the John L. Weinberg Professor of Economics and Business Policy at Princeton University and a Fellow of the Econometric Society. Kate was a brilliant IO economist and scholar whose impact on the profession will resonate for many years to come.
