Money Demand Responsiveness to the Rate of Return on Money: A Methodological Critique
质疑当前认为竞争迫使银行对活期存款支付隐性利息且该利息显著影响货币需求的观点，指出克莱因的方法可能产生其结论，无论现实是否如他所假设。
This paper challenges the empirical basis for the current belief that competition forces banks to make immediate implicit-interest payments on demand deposits equal to the marginal earnings on those deposits and that this implicit return has a strong effect on the demand for money. Klein's method of defining the implicit return as a function of the money supply and of the return on an alternative asset and then adding that implicit return to a money-demand equation is likely to produce his results whether or not the world behaves as he hypothesizes.