Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high … and hence the opportunity cost of holding money is high. Consistent with this prediction, the liquidity premium of T …

This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations … empirical studies not only vindicate the Keynesian perspective but also have relevance for macroeconomic theory and policy. …

equilibrium model, to predict aspects of system behaviors. In addition, the impact of the quantity of a fiat money was studied …