; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "A Suggestion for Further Simplifying the Theory of Money"; ; "batchuser@example.com"; "Wallace, Neil", "Bryant, John B."; "Federal Reserve Bank of Minneapolis"; """Our suggestion consists of three postulates: assets are valued only in terms of their payoffs, perfect foresight, and complete and costless markets under laissez-faire. Together these postulates imply that the crucial anomaly, rate-of-return dominance of “money,” is to be explained by legal restrictions. Our defense of these postulates is two-fold. First we compare them with existing alternative theories. Second, we provide an illustrative model which : (a) is consistent with the postulates, (b) implies rate-of-return dominance under suitable legal restrictions, and (c) addresses monetary policy questions with standard welfare economics and, in particular, rationalizes in terms of price discrimination a debt management policy that “tailors debt issues to the needs of the market.”"""^^; "1980-12"; "2019-10-21T20:41:20.65645985+00:00"^^; "https://doi.org/10.21034/sr.62"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:23:57 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "102", "823"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "062"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .