The Value of Time and the Transactions Demand for Money
重新检验了工资率作为交易时间代理变量影响货币需求的假设，构建了包含实际工资率的时间价值交易模型，并与不含时间价值的模型比较，发现时间价值效应在实证上显著。
This paper reexamines the hypothesis of Dean S. Dutton and William P. Gramm, and Edi Karni that the wage rate influences the demand for money as a proxy for the of transactions time. It develops value of time transactions models, which yield demand for money equations that have a real wage rate argument, and compares it to a non of time alternative that does not. The author finds that the value of time models perform well and that the value of time effect is empirically significant. Copyright 1990 by Ohio State University Press.