Hens, Thorsten; Schenk-Hoppe, Klaus Reiner - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash...