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Take a close look at something that is widely used by the general public as "money"—a Federal Reserve note, a deposit with a bank, a balance with a nonbank payment company (such as PayPal or Venmo), or perhaps even a cryptocurrency—and ask what it means to use it as a store of value and a...
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the Baumol-Tobin model to allow for credit card payments and revolving debt, as in Sastry (1970). With interest rates near …
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