The Economics of Money, Banking, and Financial Markets 10th Edition by Frederic Mishkin

تمرين 9

Suppose a new "payment technology" allows individuals to make payments using U.S. Treasury bonds (i.e., U.S. Treasury bonds are immediately cashed when needed to make a payment, and that balance is transferred to the payee). How do you think this payment technology would affect the transaction components of the demand for money?