The Demand for Money, Near-Money, and Treasury Bonds
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Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium and safe store of value. We measure the quantity of these three forms of liquidity and their corresponding liquidity premium over a sample from 1934 to 2016. We empirically examine
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美国国家经济研究局创建时间：
2022-05-01
