Professor Lutz and the Structure of Interest Rates

Expectations, Transactions Costs, and Asset Demands

“…229–236], who expands and clarifies Hicks' seminal formulation [1946, ch. XI], and Luckett [1959] who expands and clarifies Lutz's seminal formulation [1940]. However, the arguments of Kahn and Luckett do not seem to have penetrated the received doctrine.…”