<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672015000300039</article-id>
<article-id pub-id-type="doi">10.1016/j.inveco.2015.10.003</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Money and generalized exchange: A critical look at Neo-Walrasian theory1]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez Caldentey]]></surname>
<given-names><![CDATA[Esteban]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Economic Commission for Latin America and the Caribbean  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>CL</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2015</year>
</pub-date>
<volume>74</volume>
<numero>293</numero>
<fpage>39</fpage>
<lpage>67</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672015000300039&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672015000300039&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672015000300039&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[The proof of existence of market clearing equilibrium is the cornerstone of Neo-Classical theory. While it is generally portrayed as a barter framework, the proof actually assumes an accepted system of credits and debits; a system of privately issued IOU's, or what is the same thing commitments by private agents to deliver a certain quantity of a given commodity at a given equilibrium price. In other words, the proof presupposes the existence of 'inside money'. Yet a system of generalized exchange with pure inside money is not compatible with the main principles of Neo-Classical monetary theory including that in&#64258;ation is always and everywhere a monetary phenomenon, the exogeneity of money and also the neutrality of money. This explains the importance and necessity of introducing 'outside money' in general equilibrium. Focussing mainly on Patinkin's 'invalid dichotomy' and the real balance effect, and to a lesser extent, on overlapping generation models, I try to show that these attempts have been unsuccessful. In both cases the integration of monetary and value theory amount to collapsing all individuals into a single one. This negates the very economic problem (i.e., multiple exchanges) that gave rise to general equilibrium theory and to the impending requirement to prove the existence of market clearing equilibrium.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[La prueba de existencia del equilibrio general es la piedra angular de la teoría neoclásica. Si bien se presenta, generalmente, como un marco basado en el trueque, la prueba de existencia del equilibrio general asume de hecho un sistema aceptado de créditos y débitos; un sistema de promesas de pago emitidas por los privados o, lo que es lo mismo, compromisos por parte de los agentes privados de entregar una cierta cantidad de un determinado bien a un precio de equilibrio dado. En otras palabras, la prueba de existencia del equilibrio general presupone la existencia de 'dinero interno'. No obstante, un sistema de intercambio generalizado no es compatible con los principios de base de la teoría monetaria neoclásica, incluyendo el hecho de que la in&#64258;ación es siempre, y en todas partes, un fenómeno monetario, el dinero exógeno, y también la neutralidad del dinero. Esto explica la importancia y necesidad de introducir 'el dinero externo' en el marco del equilibrio general. Centrándonos en la 'dicotomía invalida' de Patinkin y el efecto de los saldos reales, y en menor medida en los modelos de generaciones traslapadas, tratamos de demostrar que los esfuerzos de integrar el dinero externo en un marco de equilibrio general han sido infructuosos. En ambos casos, la integración de la teoría monetaria y de la teoría del valor equivale a colapsar todos los agentes en uno solo. Esto es lo que niega el propio problema económico (i.e., el problema de intercambio múltiple) que dio lugar a la teoría del equilibrio general y al requisito imperante de probar su existencia.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[existencia]]></kwd>
<kwd lng="es"><![CDATA[teoría general del equilibrio]]></kwd>
<kwd lng="es"><![CDATA[teoría monetaria neowalrasiana]]></kwd>
<kwd lng="es"><![CDATA[dinero interno y dinero externo]]></kwd>
<kwd lng="es"><![CDATA[modelo de generaciones traslapadas]]></kwd>
<kwd lng="en"><![CDATA[existence]]></kwd>
<kwd lng="en"><![CDATA[general equilibrium theory]]></kwd>
<kwd lng="en"><![CDATA[Neo-Walrasian monetary theory]]></kwd>
<kwd lng="en"><![CDATA[inside and outside money]]></kwd>
<kwd lng="en"><![CDATA[overalapping generations model]]></kwd>
</kwd-group>
</article-meta>
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