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- W2988890700 abstract "PREVIOUS EFFORTS TO EXPLAIN ie demand for money by the firm have treated the problem as one of inventory theory. For example, the classic paper by Baumol [1] derives the demandformoneyfor thecertainty case by utilizing fixed timing of cash inflow and outflow and assuming that the firm wants to minimize the resulting holding costs. In this approach it is assumed that going in and out of money, i.e., either out of or into bonds, has a fixed transactions cost. The Baumol approach has since been extended by Tobin [S] to include a slightly more complex cost function and by Miller and Orr [3] to account for specific forms of uncertainty.l In all of the above approaches the timing of cash inflows and disbursements is treated as a parameter (in the Miller and Orr case it is the probability distribution of changes in the cash balance that is treated as a parameter). As a result the cash balances generated by the transactions are treated strictly as a necessary burden of doing business. The natural question is then: given the opportunities of the firm to lift this burden, what is optimal average cash balance? Thus, any productivity of money is neglected entirely. That is not to say that the results pre-vrously generated are wrong or unimportant (they are neither of these), but simply that they are incomplete treatments of the demand for money. In the following I treat the firm as a profit maximizer arld derive the demarld for" @default.
- W2988890700 created "2019-11-22" @default.
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- W2988890700 date "1972-05-01" @default.
- W2988890700 modified "2023-10-04" @default.
- W2988890700 title "Transactions Costs and the Firm's Demand for Money" @default.
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- W2988890700 doi "https://doi.org/10.2307/1991037" @default.
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