Country Travel Economy
if the rate of interest is high enough to compensate. In their development of this idea, Tobin and Baumol show that the transactions demand for money will then vary inversely with the rate of interest on non-monetary assets (or with the excess of this rate of interest over the rate of interest on money holdings, if positive).
Transactions motive. A motive for holding money which arises from the use of money as a medium of exchange. Since receipts and payments are rarely perfectly synchronized, an individual will generally need to hold a stock of money to meet expenditures, even when those expenditures can be perfectly foreseen. For example, one may receive a salary at the end of each month, but may make expenditures more or less continuously over the following month. So a steadily dwindling stock of money must be held to make these transactions. If, on the other hand, all expenditures were made simultaneously with receipts, there would be no need to hold such a money balance. ^ precautionary motive; speculative motive.
Transfer costs. The costs incurred in transporting raw materials and finished products between raw-material sources and factory on the one hand and factory and market on the other. They should include all costs of achieving these physical transfers, including loading and unloading costs, administrative costs, etc., and not simply freight charges.
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