Recognizing that money demand includes transaction, precautionary, and speculative demand, as Keynes claimed, it is not proper to take aggregate demand for money as the transaction demand.

• 凯恩斯早就指出过，货币需求包括交易、预备需求和投机需求三种形式，以货币供给总量代表货币的交易需求量显然不妥当。