Financial Innovation and the Transactions Demand for Cash
发现家庭现金管理行为与不考虑预防性动机的库存模型预测不符，通过扩展Baumol-Tobin模型引入随机低成本取现，解释了现金持有模式，并量化了金融创新对货币需求、通胀福利成本等的影响。
We document cash management patterns for households that are at odds with the predictions of deterministic inventory models that abstract from precautionary motives.We extend the Baumol-Tobin cash inventory model to a dynamic environment that allows for the possibility of withdrawing cash at random times at a low cost.This modification introduces a precautionary motive for holding cash and naturally captures developments in withdrawal technology, such as the increasing diffusion of bank branches and ATM terminals.We characterize the solution of the model and show that qualitatively it is able to reproduce the empirical patterns.Estimating the structural parameters we show that the model quantitatively accounts for key features of the data.The estimates are used to quantify the expenditure and interest rate elasticity of money demand, the impact of financial innovation on money demand, the welfare cost of inflation, the gains of disinflation and the benefit of ATM ownership.