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The Liquidity Services of Money

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Author Info
Hartley, Peter R
Abstract

This paper investigates the liquidity services provided by cash, interest-bearing "check 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 "more liquid" since they are available on demand. Cas h is "more 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.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 29 (1988)
Issue (Month): 1 (February)
Pages: 1-24
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Handle: RePEc:ier:iecrev:v:29:y:1988:i:1:p:1-24

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  1. Carl E. Walsh & Peter R. Hartley, 1988. "Financial intermediation, monetary policy, and equilibrium business cycles," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 19-28. [Downloadable!]
  2. Robert J. Hodrick & Narayana Kocherlakota & Deborah Lucas, 1989. "The Variability of Velocity in Cash-In-Advance Models," NBER Working Papers 2891, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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