The Liquidity Services of Money
研究现金、有息存款和证券的流动性服务，发现现金比支票更易用于交易，且现金需求对利率的敏感度低于支票需求。
This paper investigates the liquidity services provided by cash, interest-bearing balances, and securities which pay higher interest than checks. Securities must be traded before con sumers know their desired level or composition of consumption. Cash a nd checks are liquid since they are available on demand. Cas h is liquid than checks since it is more widely useable as a medium of exchange. Cash will often be used to buy goods which could be bought by check, and the demand for cash will be less sensitive t han the demand for checks to the interest paid on check balances. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.