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"A Legal Restrictions Theory of the Demand for Money and the Role of Monetary Policy" is the title of a 1983 paper by Neil Wallace, published in the Federal Reserve Bank of Minneapolis Quarterly Review.

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  • Legal restrictions theory
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  • "A Legal Restrictions Theory of the Demand for Money and the Role of Monetary Policy" is the title of a 1983 paper by Neil Wallace, published in the Federal Reserve Bank of Minneapolis Quarterly Review.
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  • "A Legal Restrictions Theory of the Demand for Money and the Role of Monetary Policy" is the title of a 1983 paper by Neil Wallace, published in the Federal Reserve Bank of Minneapolis Quarterly Review. In the paper, Wallace argues that, if there were free entry into financial intermediation, cash and Treasury bills would earn the same rate of return (either currency would be interest-bearing, or there would be a zero nominal return on Treasury bills). If intermediation costs are high, the difference between a zero rate of return and T-bills could not be arbitraged. Wallace says nominal interest rates are equal to intermediation costs.
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