Journal Article Further Comment Get access Merton H. Miller Merton H. Miller University of Chicago Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 76, Issue 3, August 1962, Pages 480–488, https://doi.org/10.2307/1879634 Published: 01 August 1962

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.