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Effects of Purchasing Power Risk on Portfolio Demand for Money
Published online by Cambridge University Press: 06 April 2009
Extract
The problem of the portfolio demand for money was first rigorously studied by Tobin [22]. It has been analyzed since then, by Hicks [8] and Arrow [1], among many others. Many interesting results and implications regarding liquidity preference and risk-taking are derived in these studies. However, the effect of purchasing power risk on liquidity preference has been overlooked in these studies.
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- Copyright © School of Business Administration, University of Washington 1979