On Cash-in-Advance Models of Money Demand and Asset Pricing
展示如何将现金先行货币模型写成结合简单货币需求函数与类似物物交换经济欧拉方程的资产定价方程，实证发现利率因子有一定解释力，但两种模型表现均不佳。
This paper shows how a cash-in-advance model of money can be written in a way that combines a simple, yet empirically defensible, money demand function with an asset pricing equation that is similar to the standard barter-economy Euler equations. Return premia are determined as in the barter exchange model, except that a short-term, risk-free, nominal interest rate enters into the first-order conditions. In special cases, asset prices satisfy the barter-economy Euler equations exactly. In the empirical analysis, the interest rate factor adds some explanatory power, but both the barter and the monetary asset pricing model perform rather poorly. Copyright 1991 by Ohio State University Press.