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I. Introduction, 413. — II. A model of cash flows and the costs of cash management for business firms, 416; assumptions underlying the model, 417; optimal values of the policy parameters, 420; some properties of the solution, 423; implications for the demand for money by firms, 425; extension to allow for non-zero drift, 427.— III. The applicability of the model, 429. — Appendix, 433.
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Miller et al. (Mon,) studied this question.
www.synapsesocial.com/papers/6a0259b9dc09a3db38b36715 — DOI: https://doi.org/10.2307/1880728
Merton H. Miller
Daniel Orr
The Quarterly Journal of Economics
University of California, San Diego
University of Chicago
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