A Model of the Demand for Money by Firms

Merton Miller and Daniel Orr

The Quarterly Journal of Economics, 1966, vol. 80, issue 3, 413-435

Abstract: I. Introduction, 413. — II. A model of cash flows and the costs of cash management for business firms, 416; assumptions underlying the model, 417; optimal values of the policy parameters, 420; some properties of the solution, 423; implications for the demand for money by firms, 425; extension to allow for non-zero drift, 427.— III. The applicability of the model, 429. — Appendix, 433.

Date: 1966
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