2016-09-152015-12-011657-4206http://hdl.handle.net/10784/9163Investors value the special attributes of monetary assets (e.g., exchangeability, liquidity, and safety) and pay a premium for holding them in the form of a lower return rate -- The user cost of holding monetary assets can be measured approximately by the difference between the returns on illiquid risky assets and those of safer liquid assets -- A more appropriate measure should adjust this difference by the differential risk of the assets in question -- We investigate the impact that time non-separable preferences has on the estimation of the risk-adjusted user cost of money -- Using U.K. data from 1965Q1 to 2011Q1, we estimate a habit-based asset pricing model with money in the utility function and find that the risk adjustment for risky monetary assets is negligible -- Thus, researchers can dispense with risk adjusting the user cost of money in constructing monetary aggregate indexesapplication/pdftext/htmlengCopyright (c) 2015 Diego A. Restrepo-TobónE41E51G12Formación de hábitosCosto de usoinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessMONEDAMODELOS DE VALORACIÓN DE ACTIVOS DE CAPITALLIQUIDEZANÁLISIS DE VALORES (CONTROL DE COSTOS)MoneyCapital assets pricing modelsLiquidity (economics)Value analysis (Cost control)Acceso abierto2016-09-15Restrepo-Tobón, Diego A.10.17230/ecos.2015.41.3