Distribution effects and the business demand for money |
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Authors: | George M. Katsimbris Stephen M. Miller |
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Affiliation: | University of Bridgeport, USA;University of Connecticut, USA |
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Abstract: | This paper examines whether and how changes in an industry's firm-size distribution affect the per-firm demand for money. The size distribution of an industry potentially affects the demand for money through several channels. We examine four of those channels: 1) economies of scale; 2) decentralization in cash management; 3) cost of credit; and 4) compensating balances. We conclude that increasing the size inequality increases the industry's per-firm demand for money. |
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