Working Paper No. 435
January 14, 2006

Speculation, Liquidity Preference, and Monetary Circulation

by Korkut A. Ertürk

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Bard College
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The Levy Economics Institute of Bard College, founded in 1986 through the generous support of Bard College trustee Leon Levy, is a nonprofit, nonpartisan, public policy research organization. The Levy Institute is independent of any political or other affiliation, and encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate.