@MoneyIllusion these puzzles can be solved by introducing time preference as measure of income growth expectations.
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@MoneyIllusion the source of base money demand are people with negative or zero time preferences. As such, it is unaffected by int rates.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion If MBase supply differs from demand, int rates differ from time prefs=>int rates are residual of time prefs & MBaseThanks. Twitter will use this to make your timeline better. UndoUndo
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