El motivo precautorio en la demanda de saldos reales: un enfoque ortodoxo

The Precautionary Motive in the Real Balances Demand: An Orthodox Approach

Francisco Venegas-Martínez, Blanca Lilia Avendaño-Vargas and Mario Alberto García-Meza

MPRA Paper from University Library of Munich, Germany

Abstract: Resumen En la presente investigación analizamos la demanda de dinero por motivo precautorio como una decisión de un consumidor racional. Siguiendo a Whalen (1966), un consumidor demanda dinero para enfrentar gastos inesperados debido a que no se realizan los ingresos esperados. Dado que el patrón de ingresos y gastos no se conoce con certeza, es posible que los gastos excedan a los ingresos por una cantidad impredecible, durante un periodo determinado. En este caso, es necesario que el consumidor retenga cierta cantidad (óptima) de dinero en efectivo. La incorporación de este tipo de demanda de dinero en el proceso de maximización de utilidad de un consumidor racional implica que la demanda de dinero no sólo depende de la tasa de interés real sino también un parámetro que expresa la ansiedad del consumidor ante la eventualidad de enfrentar gastos inesperados. Abstract This paper analyzes the demand for money for precautionary reasons as a decision from a rational consumer. Following Whalen (1966), a consumer demands money to face unexpected expenses because the expected income is not realized. Since the pattern of income and expenditure is not known with certainty, it is possible that the expenses exceed the income by an unpredictable amount, during a certain period. In this case, it is necessary for the consumer to retain some (optimal) amount of cash. The incorporation of this type of money demand in the process of the utility maximization of a rational consumer implies that the demand for money depends not only on the real interest rate but also on a parameter that expresses consumer anxiety in the event of facing unexpected expenses.

Keywords: Demanda de dinero; motivo precautorio; consumidor racional/Money demand; precautionary motive; rational consumer (search for similar items in EconPapers)
JEL-codes: E21 E41 (search for similar items in EconPapers)
Date: 2016-12-23
New Economics Papers: this item is included in nep-mac and nep-upt
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Journal Article: El motivo precautorio en la demanda de saldos reales: un enfoque ortodoxo (2017)
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