Overdrafts and the Demand for Money
随机分析允许透支时带息货币（如NOW账户）的需求，发现短期利率弹性大且为负，长期则小或为正，并指出当前货币总量定义可能造成需求不稳定，提出更合理的货币存量定义。
This paper presents a stochastic analysis of the demand for interest-bearing money, such as NOW accounts, when overdrafting is allowed at some penalty rate. It is shown that the short-run interest elasticity of money demand is probably large (in absolute value) and negative, but in the long run this elasticity is much smaller or even positive. It is also argued that current definitions of the monetary aggregates, which exclude unused credit, may spuriously generate instability of money demand. An alternative definition of money stock is suggested and seems to be conceptually more satisfying. Copyright 1990 by American Economic Association.