Empirically estimated demand systems frequently fail to satisfy the appropriate theoretical curvature conditions. We propose and estimate two demand systems for which these conditions can be imposed ...

This article obtains demand functions for risky assets without making a priori assumptions about the form of the utility function. In a simple portfolio model, the envelope theorem is applied to the ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. In economics, demand is the consumer's ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper explores the behavior of money demand by explicitly accounting for the money supply endogeneity arising from ...