Up to now the model treats money as currency, non-interest-bearing pieces of paper issued by the government. When we studied the demand for money in Chapter 3, we focused on the role of money as a medium of exchange. Households held money because they used it for purchases or sales of goods, bonds, and labour services. To reduce their average real money balance, households had to incur extra transaction costs, which might involve going more often to the bank or the store.
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- Financial Intermediation
- Macmillan Education UK
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