Irving Fisher on his Head II: The Consequences of the Timing of Payments for the Demand for Money
研究支付时间安排如何影响货币需求，发现若支付取决于账户余额与账单的最小值，货币需求对收入变化反应缓慢，这与短期货币需求理论（如费雪）相悖，但与实证估计一致。货币需求通过支付流量调整，而非价格或利率。
This paper explores the consequences of the timing of payments for the demand for money. It is found that if payments are the minimum of the money in the bank account or bills due, the demand for money will respond slowly to changes in income. This prediction disagrees with some formulations of the short-run demand for money (e.g., Irving Fisher's) but agrees with empirical estimates. The demand for money is adjusted to supply by changes in quantities (i.e., payments flows) rather than by changes in prices or interest rates.