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The big switch
Journal Article
Checking-account interest
Journal Article
The return banks have paid on NOW accounts
Journal Article
Interest checking
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Innovation and monetary policy: II
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NOW developments
Journal Article
Are NOWs being used as savings accounts?
Has the introduction of interest-bearing NOW accounts altered the nature of M1? That monetary aggregate, of course, is intended to measure purely transactions balances as typified by conventional checking accounts. But some observers think that consumers are using the NOW component of M1 as savings as well as transactions balances. If so, then M1 contains a nontransactions component; consequently, its growth rate compatible with any given rate of GNP growth is higher than before the introduction of NOWs. In this article, Timothy Q. Cook and Timothy D. Rowe marshal evidence on the use of NOW ...