tobin's theory of demand for money

6
]H@IL’[ ]BFHPY HC MFOGLM CHP OHLFY(^HP]CHJIH GLGJY[I[ HC MFOGLM CHP OHLFY(]H@IL’[ ^HP]CHJIH [FJFK]IHL OHMFJ(]BF PI[A GSFP[IHL ]BFHPY HC JIWVIMI]Y ^PFCFPFLKF(]BF OFGL/SGPIGLKF G^^PHGKB ]H ^HP]CHJIH KBHIKF ]bi{ glgjy{i{ i{ {io~jy g {~fkigj kg{f hc }bf {}glmgpm }bfhpy hc ^hp}chjih Kbhikf g{ mfsfjh~fm `y Ogpahui}t Q7960* 7969_, Il }bi{ kg{f }bf kbhikf i{ `f}uffl gl g{{f} ui}b g kfp}gil pf}vpl* {gy ohlfy ui}b tfph pf}vpl glm g ~hp}chjih hc vlkfp}gil g{{f}{* {gy `hlm ui}b gl fr~fk}fm yifjm g`hv} ubikb }bfpf i{ {hof vlkfp}gil}y, ]bf ~gp}ikvjgp g~~phgkb gmh~}fm bfpf ug{ mfsfjh~fm `y ]h`il Q7962_* }bhveb }bf chvlmg}ihl{ ufpf kjfgpjy hv}jilfm `y Bika{ g{ jhle geh g{ 79;6, ^phc, Dgof{ ]h`il il bi{ cgohv{ gp}ikjf ‚Jiwvimi}y ^pfcfpflkf g{ @fbgsihvp }hugpm{ Pi{achpovjg}fm }bf pi{a gsfp{ihl }bfhpy hc jiwvimi}y ~pfcfpflkf, ]bi{ }bfhpy pfohsf{ }uh ogdhp mfcfk}{ hc }bf Afylf{igl }bfhpy hc jiwvimi}y ~pfcfpflkf, Hlf* Afylf{’ jiwvimi}y ~pfcfpflkf mf~flm{ hl }bf fjg{}iki}y hc fr~fk}g}ihl{ hc cv}vpf il}fpf{} pg}f{1 glm }uh* ilmisimvgj{ bhjm fi}bfp ohlfy hp `hlm{, ]h`il bg{ pfohsfm `h}b }bf mfcfk}{, Bi{ }bfhpy mhf{ lh} mf~flm hl }bf fjg{}iki}y hc fr~fk}g}ihl{ hc cv}vpf il}fpf{} pg}f{, I} ~phkffm{ hl }bf g{{vo~}ihl }bg} }bf fr~fk}fm sgjvf hc kg~i}gj egil hp jh{{ cpho bhjmile il}fpf{} `fgpile g{{f}{ i{ tfph, Ohpfhsfp* i} fr~jgil{ }bg} gl ilmisimvgj’{ ~hp}chjih bg{ `h}b ohlfy glm `hlm{, ]h`il {}gp}{ bi{ ~hp}chjih {fjfk}ihl ohmfj hc jiwvimi}y ~pfcfpflkf ui}b }bf g{{vo~}ihl }bg} gl ilmisimvgj g{{f} bhjmfp bg{ g ~hp}chjih hc ohlfy glm `hlm{, Ohlfy lfi}bfp `pile{ gly pf}vpl lhp io~h{f{ gly pi{a, @v} `hlm{ lh} hljy yifjm {hof ilkhof il }bf chpo hc il}fpf{} pg}f `v} gj{h io~h{f {hof pi{a hc kg~i}gj jh{{ hp egil, Gl ilsf{}hp kgl `fgp }bi{ ic bf i{ kho~fl{g}fm `y gl gmfwvg}f pf}vpl cpho `hlm{, ]h`il il}phmvkfm }bf khlkf~} hc pi{a gsfp{ihl, ]bf `g{ik imfg hc pi{a gsfp{ihl i{ }bg} eisfl }uh g{{f}{ ui}b {gof gsfpgef pf}vpl* gl ilsf{}hp ~pfcfp{ }bg} g{{f} ubikb bg{ jf{{ mi{~fp{ihl hp {}glmgpm mfsig}ihl, ]bf cgk} hc pi{a gsfp{ihl i{ fr~jgilfm `y }uh }bile{4 "g) ]bfpf i{ gjugy{ }bf pi{a }bg} gl g{{f} ui}b gl vl{}g`jf yifjm uhvjm ~phsimf g {ogjjfp gsfpgef pf}vpl* ic i} bg{ }h `f {hjm `fchpf og}vpi}y, "`) Ilkhof `file {v`dfk} }h }bf jgu hc mioili{bile ogpeilgj v}iji}y* }bf egil{ hc v}iji}y }h }bf ufgj}b bhjmfp mvpile }bf ~fpihm{ hc biebfp yifjm uhvjm `f {ogjjfp }bgl }bf jh{{ hc v}iji}y mvpile }bf ~fpihm{ hc jhu yifjm, Gkkhpmile }h ]h`il* }bfpf gpf }bpff }y~f{ hc ilsf{}hp{ il }bf {hkif}y4 "7) }bf Pi{a jhsfp{ QEgo`jfp{_ ubh ~v} gjj }bfip ufgj}b il}h `hlm{ }h ogrioitf pi{a, ]bfy gkkf~} pi{a{ glm gk} g{ ego`jfp{, "0) ]bf ^jvlefp{4 }bfy uijj fi}bfp ~v} gjj }bfip ufgj}b il}h `hlm{ hp uijj aff~ i} il kg{b, ]bfy fi}bfp eh gjj }bf ugy hp lh} g} gjj, ";) ]bf Pi{a Gsfp}fp{ hp misfp{icifp{4 ]bf ogdhpi}y hc }bf ilsf{}hp{ `fjhle }h }bi{ kg}fehpy, ]bfy ~pfcfp }h gshim pi{a hc jh{{ ubikb i{ g{{hkig}fm ui}b bhjmile hc `hlm{, ]bfy }py }h ogrioitf pf}vpl glm oilioitf pi{a,

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7/23/2019 Tobin's Theory of Demand for Money

http://slidepdf.com/reader/full/tobins-theory-of-demand-for-money 1/6

]H@IL’[ ]BFHPY HC MFOGLM CHP OHLFY(^HP]CHJIH GLGJY[I[ HC MFOGLM CHP

OHLFY(]H@IL’[ ^HP]CHJIH [FJFK]IHL OHMFJ(]BF PI[A GSFP[IHL ]BFHPY HC

JIWVIMI]Y ̂ PFCFPFLKF(]BF OFGL/SGPIGLKF G^^PHGKB ]H ̂ HP]CHJIH KBHIKF

]bi{ glgjy{i{ i{ {io~jy g {~fkigj kg{f hc }bf {}glmgpm }bfhpy hc ^hp}chjih Kbhikf g{

mfsfjh~fm `y Ogpahui}t Q7960* 7969_, Il }bi{ kg{f }bf kbhikf i{ `f}uffl gl g{{f} ui}b gkfp}gil pf}vpl* {gy ohlfy ui}b tfph pf}vpl glm g ~hp}chjih hc vlkfp}gil g{{f}{* {gy `hlm

ui}b gl fr~fk}fm yifjm g`hv} ubikb }bfpf i{ {hof vlkfp}gil}y, ]bf ~gp}ikvjgp g~~phgkb

gmh~}fm bfpf ug{ mfsfjh~fm `y ]h`il Q7962_* }bhveb }bf chvlmg}ihl{ ufpf kjfgpjy

hv}jilfm `y Bika{ g{ jhle geh g{ 79;6,

^phc, Dgof{ ]h`il il bi{ cgohv{ gp}ikjf ‚Jiwvimi}y ^pfcfpflkf g{ @fbgsihvp }hugpm{

Pi{a‟ chpovjg}fm }bf pi{a gsfp{ihl }bfhpy hc jiwvimi}y ~pfcfpflkf, ]bi{ }bfhpy pfohsf{ }uh

ogdhp mfcfk}{ hc }bf Afylf{igl }bfhpy hc jiwvimi}y ~pfcfpflkf, Hlf* Afylf{’ jiwvimi}y

~pfcfpflkf mf~flm{ hl }bf fjg{}iki}y hc fr~fk}g}ihl{ hc cv}vpf il}fpf{} pg}f{1 glm }uh*

ilmisimvgj{ bhjm fi}bfp ohlfy hp `hlm{, ]h`il bg{ pfohsfm `h}b }bf mfcfk}{, Bi{ }bfhpy

mhf{ lh} mf~flm hl }bf fjg{}iki}y hc fr~fk}g}ihl{ hc cv}vpf il}fpf{} pg}f{, I} ~phkffm{ hl }bf

g{{vo~}ihl }bg} }bf fr~fk}fm sgjvf hc kg~i}gj egil hp jh{{ cpho bhjmile il}fpf{} `fgpile

g{{f}{ i{ tfph, Ohpfhsfp* i} fr~jgil{ }bg} gl ilmisimvgj’{ ~hp}chjih bg{ `h}b ohlfy glm

`hlm{,

]h`il {}gp}{ bi{ ~hp}chjih {fjfk}ihl ohmfj hc jiwvimi}y ~pfcfpflkf ui}b }bf

g{{vo~}ihl }bg} gl ilmisimvgj g{{f} bhjmfp bg{ g ~hp}chjih hc ohlfy glm `hlm{, Ohlfy

lfi}bfp `pile{ gly pf}vpl lhp io~h{f{ gly pi{a, @v} `hlm{ lh} hljy yifjm {hof ilkhof il

}bf chpo hc il}fpf{} pg}f `v} gj{h io~h{f {hof pi{a hc kg~i}gj jh{{ hp egil, Gl ilsf{}hp kgl

`fgp }bi{ ic bf i{ kho~fl{g}fm `y gl gmfwvg}f pf}vpl cpho `hlm{,

]h`il il}phmvkfm }bf khlkf~} hc pi{a gsfp{ihl, ]bf `g{ik imfg hc pi{a gsfp{ihl i{ }bg} 

eisfl }uh g{{f}{ ui}b {gof gsfpgef pf}vpl* gl ilsf{}hp ~pfcfp{ }bg} g{{f} ubikb bg{ jf{{

mi{~fp{ihl hp {}glmgpm mfsig}ihl, ]bf cgk} hc pi{a gsfp{ihl i{ fr~jgilfm `y }uh }bile{4 "g)

]bfpf i{ gjugy{ }bf pi{a }bg} gl g{{f} ui}b gl vl{}g`jf yifjm uhvjm ~phsimf g {ogjjfp

gsfpgef pf}vpl* ic i} bg{ }h `f {hjm `fchpf og}vpi}y, "`) Ilkhof `file {v`dfk} }h }bf jgu hc 

mioili{bile ogpeilgj v}iji}y* }bf egil{ hc v}iji}y }h }bf ufgj}b bhjmfp mvpile }bf ~fpihm{ hc 

biebfp yifjm uhvjm `f {ogjjfp }bgl }bf jh{{ hc v}iji}y mvpile }bf ~fpihm{ hc jhu yifjm,

Gkkhpmile }h ]h`il* }bfpf gpf }bpff }y~f{ hc ilsf{}hp{ il }bf {hkif}y4 "7) }bf Pi{a 

jhsfp{ QEgo`jfp{_ ubh ~v} gjj }bfip ufgj}b il}h `hlm{ }h ogrioitf pi{a, ]bfy gkkf~} pi{a{

glm gk} g{ ego`jfp{, "0) ]bf ^jvlefp{4 }bfy uijj fi}bfp ~v} gjj }bfip ufgj}b il}h `hlm{ hp

uijj aff~ i} il kg{b, ]bfy fi}bfp eh gjj }bf ugy hp lh} g} gjj, ";) ]bf Pi{a Gsfp}fp{ hp

misfp{icifp{4 ]bf ogdhpi}y hc }bf ilsf{}hp{ `fjhle }h }bi{ kg}fehpy, ]bfy ~pfcfp }h gshim pi{a 

hc jh{{ ubikb i{ g{{hkig}fm ui}b bhjmile hc `hlm{, ]bfy }py }h ogrioitf pf}vpl glm

oilioitf pi{a,

7/23/2019 Tobin's Theory of Demand for Money

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Jiwvimi}y ^pfcfpflkf }bfhpy i{ sfpy pfjfsgl} chp }bf pi{a gsfp}fp{ hp misfp{icifp{,

Misfp{icifp{ eflfpgjjy ~pfcfp }h bhjm g oirfm ~hp}chjih hc {hof kg{b glm {hof `hlm{, Fsfpy

ilsf{}hp gk}{ hl }bf `g{i{ hc bi{ {v`dfk}isf f{}iog}f hc ~ph`g`iji}y mi{}pi`v}ihl hc pi{a glm

pf}vpl,

G{{voile }bg} gjj ufgj}b* U* i{ bfjm fi}bfp il }bf chpo hc ohlfy* O* hp `hlm* @* i,f,*

 I} chjjhu{ }bg} 

 

Ubfpf

glm

 

]bf gk}vgj yifjm hl }bf ~hp}chjih "P) i{

 

Ubfpf p i{ }bf pg}f hc pf}vpl g} }bf }iof }bf `hlm ug{ ~vpkbg{fm* glm e i{ kg~i}gj

egil, ]bi{ fr~pf{{ihl {io~jy {}g}f{ }bg} }bf pf}vpl hl }bf ~hp}chjih i{ fwvgj }h }bf pf}vpl hl

`hlm{ ovj}i~jifm `y }bf ~ph~hp}ihl hc `hlm{ bfjm il }bf ~hp}chjih,

]bi{ glgjy{i{ kgl `f {io~jicifm `y g{{voile Fr~fk}fm egil* {h }bg} }bf

fr~fk}fm yifjm hl }bf ~hp}chjih pfmvkf{ }h

 

]bf pi{a g}}gkbfm }h }bf ~hp}chjih i{ ofg{vpfm `y }bf {}glmgpm mfsig}ihl hc }bf

pf}vpl hl }bf ~hp}chjih, i,f,* ]bf {}glmgpm mfsig}ihl hc }bf pf}vpl fr~fk}fm hl }bf ~hp}chjih

i{ fwvgj }h }bf {}glmgpm mfsig}ihl hc }bf ~h{{i`iji}y hc kg~i}gj egil hp jh{{* }iof{ }bg} 

~ph~hp}ihl hc }bf `hlm{ bfjm il ~hp}chjih,

 

[h }bg} 

 

[v`{}i}v}ile fwvg}ihl "6) il}h ";) eisf{

 

Ui}b * i,f,* }bf {}glmgpm mfsig}ihl hc }bf ~hp}chjih kgllh} frkffm }bf

{}glmgpm mfsig}ihl hc `hlm{, Fwvi}y uhvjm `f gkbifsfm ubfl glm }bf ~hp}chjih

7/23/2019 Tobin's Theory of Demand for Money

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khl{i{}fm fl}ipfjy hc `hlm{, Il }bi{ kg{f* }bf fr~fk}fm pf}vpl hl }bf ~hp}chjih i{ }bf {gof g{

}bg} fr~fk}fm chp `hlm{,

Ic  * }bf ~hp}chjih khl{i{}{ hc hljy ohlfy,

]bf g`hsf pfjg}ihl{bi~ kgl `f fr~pf{{fm migepgoog}ikgjjy,

]bf HGi jilf{ {bhu }bf ~h{{i`jf kho`ilg}ihl{ hc il}fpf{} glm pi{a gsgijg`jf g} }bf

}iof / fgkb biebfp jilf pf~pf{fl}{ g biebfp pg}f hc il}fpf{}, ]bf{f gpf g migepgoog}ik

pf~pf{fl}g}ihl hc }bf pfjg}ihl{bi~ fr~pf{{fm il fwvg}ihl "3)

, Ic  *

}bfl 1 glm ubfl * }bfl ,

]bf H^ jilf eisf{ }bf ~ph~hp}ihl hc ufgj}b gjjhkg}fm }h `hlm{ glm pfjg}f{ }bi{ }h }bf

pi{ailf{{ hc }bf ~hp}chjih, ]bi{ ijjv{}pg}f{ }bf pfjg}ihl{bi~ fr~pf{{fm il

, Ic  *

}bfl 1 glm ubfl ,

]h {voogpi{f4

 

]bf frgk} kho`ilg}ihl hc fr~fk}fm pi{a glm pf}vpl hl }bf ~hp}chjih mf~flm{ hl }bf

~ph~hp}ihl hc ufgj}b bfjm il `hlm{, Cpho }bi{ i} chjjhu{ }bg} `h}b pf}vpl glm pi{a gpf

ogrioitfm ubfl gjj

ufgj}b i{ bfjm il }bf chpo

hc `hlm{* i,f,* , ]bfHGi jilf{ }bfpfchpf {bhu

}bf h~~hp}vli}if{ h~fl }h

}bf ilsf{}hp,G7 "p7)

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7/23/2019 Tobin's Theory of Demand for Money

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Gl ilsf{}hp’{

g}}i}vmf{ }h pf}vpl glm

pi{a ogy `f

{voogpitfm `y g {f} hc 

ilmiccfpflkf kvpsf{/

pf~pf{fl}ile

kho`ilg}ihl{ hc 

fr~fk}fm pf}vpl glm

pi{a `f}uffl ubikb }bf

ilmisimvgj i{ ilmiccfpfl} 

i,f,* }bfy bgsf }bf {gof

v}iji}y, Ic uf g{{vof

}bg} }bf gsfpgef

ilsf{}hp jiaf{ g ~h{i}isf

pf}vpl `v} mi{jiaf{ pi{a glm }bg} g{ pi{a glm

pf}vpl{ pi{f* bi{

gsfp{ihl }h }bf jg}}fp

pi{f{ ohpf }bgl bi{ ~pfcfpflkf chp }bf chpofp* }bi{ uijj eflfpgjjy pf{vj} il pi{a gsfp{ihl,

]bi{ kg{f i{ ijjv{}pg}fm il cievpf `fjhu4

Il hpmfp }h cilm hv} }bf pi{a gsfp}fp’{ ~pfcfpflkf `f}uffl pi{a glm kg~i}gj pf}vpl* ]h`il

v{f{ ilmiccfpflkf kvpsf{ bgsile ~h{i}isf {jh~f{ ilmikg}ile }bg} }bf pi{a gsfp}fp ~pfcfp{ ohpf

pf}vpl chp ohpf pi{a, ]bi{ i{ fr~jgilfm g`hsf ui}b }bf bfj~ hc cievpf,

Il cievpf* pi{a i{ ofg{vpfm bhpithl}gjjy glm pf}vpl sfp}ikgjjy* HP i{ }bf `vmef} jilf hc }bf

ilsf{}hp, ]bf ~hp}chjih khl{i{}{ hc ohlfy QK_ glm `hlm{ Q@_, ]bf ilmiccfpflkf kvpsf

ilmikg}f{ }bf pi{a gsfp}fp’{ mfoglm chp biebfp fr~fk}fm pf}vpl chp gmmi}ihlgj pi{a, 

]bf pi{a gsfp}fp uijj cir }bf fwviji`pivo ~hp}chjih g} }bf ~hil} hc }gleflky Q^_ `f}uffl }bf

ilmiccfpflkf kvpsf glm }bf `vmef} jilf HP, ]bf jilf HW {bhu{ }bf ~ph~hp}ihlgji}y `f}uffl

pi{a glm }bf {bgpf hc ~hp}chjih bfjm il `hlm{, Ubfl g ~fp~flmikvjgp i{ mpgul cpho ^ hl}h

}bf jilf HW* }bf ~hil} J i{ eflfpg}fm ubikb mf}fpoilf{ }bf misi{ihl hc }bf ~hp}chjih `f}uffl

kg{b glm `hlm, ]bv{ gl ilsf{}hp uijj aff~ HO gohvl} hc bi{ ufgj}b il }bf chpo hc `hlm{

glm OL il }bf chpo hc kg{b, I} i{ }h `f lh}fm }bg} }bf jhufp sfp}ikgj gri{ ofg{vpf{ }bf

gohvl} hc ufgj}b }h `f ilsf{}fm,

G{ jhle g{ }bfpf i{ lh kbglef il }bf il}fpf{} pg}f* }bf fwviji`pivo ~hil} ^ uijj lh} `f

mi{}vp`fm, @v} ic }bfpf i{ gl ilkpfg{f il }bf il}fpf{} pg}f* }bfpf uijj `f ohpf mfoglm chp

`hlm glm jf{{ mfoglm chp kg{b, ]bf h~~h{i}f uijj `f }bf kg{f ic }bf il}fpf{} pg}f i{ jhufpfm,

Il }bf kg{f hc gl ilkpfg{f il }bf il}fpf{} pg}f* }bf `vmef} jilf ehf{ v~ugpm glm vj}iog}fjy

`fkhof{ }glefl} }h g biebfp IK, ]bi{ ofgl{ }bg} pf}vpl{ ilkpfg{f il pfjg}ihl }h pi{a glm }bf

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Cievpf4 Lhpogj Pi{a Gsfp{ihl

7/23/2019 Tobin's Theory of Demand for Money

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ilsf{}hp {fjfk}{ g

~hp}chjih ubfpf }bf

~ph~hp}ihl hc kg{b ehf{

mhul glm `hlm bhjmile

ehf{ v~, ]bi{ i{ {bhul il

}bf cievpf `fjhu,

I} i{ kjfgp cpho }bf cievpf

}bg}* }bf `vmef} jilf

ilkpfg{f{ ui}b }bf

ilkpfg{f il }bf il}fpf{} 

pg}f, ]bi{ i{ {bhul `y }bf

`vmef} jilf P7 ilkpfg{ile

}h P0 glm P;,

Khl{fwvfl}jy* pf}vpl{

ilkpfg{f il pfjg}ihl }h

pi{a ui}b ilkpfg{f il }bfil}fpf{} pg}f* glm }bf

`vmef} jilf }hvkbf{ biebfp ilmiccfpflkf kvpsf{, Il }bf cievpf `vmef} jilf{ P7* P0 glm P; gpf

}glefl}{ }h IK7* IK0 glm IK; kvpsf{ g} ~hil}{ ]7* ]0 glm ]; pf{~fk}isfjy, ]bf{f ~hil}{ ubfl

dhilfm }hef}bfp pf{vj} il h~}iovo ~hp}chjih kvpsf H^K ubikb {bhu{ }bg} g{ }bf }gleflky

~hil}{ ohsf v~ugpm cpho jfc} }h pieb}* `h}b }bf fr~fk}fm pf}vpl glm pi{a ilkpfg{f,

]bf{f }gleflky ~hil}{ gj{h {bhu }bf ~hp}chjih {fjfk}ihl hc }bf ilsf{}hp ubikb i{ {bhul il

}bf jhufp ~hp}ihl hc }bf cievpf, Ubfl }bf fwviji`pivo ~hil}{ eh v~ cpho ]7 }h ]; `hlm

bhjmile ilkpfg{f{ cpho H@7 }h H@; glm kg{b bhjmile mfkpfg{f{ cpho @7U }h @;U, ]bv{

ubfl }bf pg}f hc il}fpf{} ehf{ v~* }bf mfoglm chp ohlfy ehf{ mhul,

[v~fpihpi}y hc ]h`il’{ Glgjy{i{ 

]h`il’{ pi{a gsfp{ihl }bfhpy hc ~hp}chjih {fjfk}ihl i{ {v~fpihp }h Afylf{igl Jiwvimi}y

^pfcfpflkf ]bfhpy hc [~fkvjg}isf Mfoglm chp ohlfy hl }bf chjjhuile ephvlm{,

7,  ]h`il }gaf{ il}h gkkhvl} `h}b ohlfy glm `hlm bhjmile{ `y gl ilsf{}hp glm lh} 

{io~jy ohlfy hp `hlm g{ i{ mhlf `y Afylf{, ]bv{ ]h`il’{ glgjy{i{ i{ ohpf pfgji{}ik

glm `phgm,

0,  ]h`il’{ }bfhpy mhf{ lh} mf~flm hl ilfjg{}iki}y hc fr~fk}g}ihl{ hc cv}vpf il}fpf{} 

pg}f{, I} ~phkffm{ cpho }bf g{{vo~}ihl }bg} }bf fr~fk}fm sgjvf hc kg~i}gj egil hp jh{{

cpho bhjmile il}fpf{} `fgpile g{{f}{ i{ gjugy{ tfph, Il }bi{ pf{~fk}* ]h`il pfegpm{

bi{ }bfhpy g{ g jheikgjjy ohpf {g}i{cgk}hpy chvlmg}ihl chp jiwvimi}y ~pfcfpflkf }bgl

}bf Afylf{igl }bfhpy,

;,  ]h`il i{ ohpf pfgji{}ik }bgl Afylf{ il lh} mi{kv{{ile }bf ~fpcfk} fjg{}iki}y hc 

mfoglm chp ohlfy Q}bf jiwvimi}y }pg~_ g} sfpy jhu jfsfj{ hc il}fpf{} pg}f,

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7/23/2019 Tobin's Theory of Demand for Money

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