Mulligan, Casey B.; Sala-i-Martin, Xavier - In: Journal of Political Economy 108 (2000) 5, pp. 961-991
We argue that the relevant monetary decision for the majority of U.S. households is not the fraction of assets to be held in interest-bearing form, but whether to hold any such assets at all (we call this "the decision to adopt" the financial technology). We show that the key variable governing...