In 2002, John Cochrane wrote a research report retrospectively on the causes of the Nasdaq tech bubble, and speculated that one of the likelier causes for the bubble (in his report, he details the Palm/3Com acquisition as an example) was the idea of a “convenience yield” (the non Lily-ism term for liquidity value).
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On Memes, Dreams, and Currencies (Part 3)
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In 2002, John Cochrane wrote a research report retrospectively on the causes of the Nasdaq tech bubble, and speculated that one of the likelier causes for the bubble (in his report, he details the Palm/3Com acquisition as an example) was the idea of a “convenience yield” (the non Lily-ism term for liquidity value).