"[F]or monetary analysis... assign... to each asset a rate of return r_i (i=1,2,... n) and... [imagine] each sector j (j=1,2,... m) to have a net demand for each asset, f_{ij}, which is a function of the vector r_i and possibly of other variables... [I]n practice, many of the cells are empty..."
January 1, 1970