A suggestion for further simplifying the theory of money

A suggestion for further simplifying the theory of money

by John B. Bryant

Book 62 of Federal Reserve Bank of Minneapolis, Research Department staff report --

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"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"--Federal Reserve Bank of Minneapolis web site.

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