ABSTRACT
Chapter 2 considered the role ofmoney as a store of value andChapter 3 introduced money into the utility and production functions.With regard to theMIUFandMIPF approaches, Cass and Shell (1980) objected
Imbedding money in preferences or technologies does nothing to explain its role as a store of value. Moreover such reduced forms are at best poor proxies for their structural counterparts. Worst of all, to the extent that this maneuver is successful, it is also likely to be misleading.
