In other words, money market is the name given to the various firms and institutions which deal in various grades of near-moneys
(Shekhar and Shekhar, 1999).
6) Chetty's work was motivated by the Gurley/Shaw hypothesis and the general lack of agreement in the empiricial findings of Feige (1964) and others about the degree of substitutability between money and near-money
The demand function typically includes the rates of return on one of more near-money
assets, plus an income or wealth measure as an explanatory variable.
Pearce, (1976), 'The Substitutability of Money and Near-Moneys
Things are very different when the unit of account is a fiat unit whose value depends on the interplay of supply and demand for a base money and for the other kinds of money and the near-moneys
that are pyramided onto it.