Evidence that Risk Adjustment is Unnecessary in Estimates of the User Cost of Money
Investors value the special attributes of monetary assets (e.g., exchangeability, liquidity, and safety) and pay a premium for holding them in the form of a lower return rate. The user cost of holding monetary assets can be measured approximately by the difference between the returns on illiquid...
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| Format: | Article |
| Language: | English |
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Universidad EAFIT
2015-12-01
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| Series: | Ecos de Economía |
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| Online Access: | http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/3346 |