Liu, Jin-Tan; Tsou, Meng-Wen; Wang, Ping - In: Journal of Macroeconomics 30 (2008) 1, pp. 523-542
This paper studies firms' demand for money by developing a differential-cash-constraint framework with firms' entire wage bills requiring cash in advance and a fraction of investment purchases being financed by credits. In addition to conventional scale and opportunity-cost factors, firms'...