Thesis (Ph. D.)--University of Missouri-Columbia, 2001. / Typescript. Vita. Includes bibliographical references (leaves 206-223). Also available on the Internet.

Thesis (M. Phil.)--Hong Kong University of Science and Technology, 2004. / Includes bibliographical references (leaves 114-120). Also available in electronic version. Access restricted to campus users.

Thesis (Ph. D.)--University of Missouri-Columbia, 2001. / Typescript. Vita. Includes bibliographical references (leaves 206-223). Also available on the Internet.

The equilibrium partial pressures of monoethanolamine (MEA), piperazine (PZ), and water were measured in a stirred reactor with a recirculating vapor phase by FTIR analysis at 35 - 70 Celsius degrees. MEA and PZ volatility were measured in two separate pilot plant campaigns to capture CO₂ from flue gas under a range of absorber conditions. The laboratory data were regressed to determine NRTL binary interaction parameters that predicted the experimental points within 10 - 20%. It was proven that MEA volatility (0.45<MEA<0.55) is a viable concern in CO₂ capture processes from an economic, environmental, and overall health perspective. PZ, on the other hand, was not observed to be as volatile (0.06<PZ<0.08) as predicted by previous models and therefore volatility loss would not be a significant drawback for using it as a CO₂ capture solvent. Pilot plant results show an average MEA gas phase concentration at the absorber outlet to be approximately 45 ppm while the PZ concentrations averaged 6 ppm and 8 ppm at the absorber inlet and outlet, respectively.

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The goal of this dissertation is to examine the theoretical and empirical implications of the inventory theoretic approach to the demand for money. Chapter 1 reviews the existing inventory theoretic frameworks and empirical money demand literature and provides an overview of this thesis. One of the main conclusions is that the elasticity results from the existing inventory theoretic models are not robust. Chapter 2 develops a partial equilibrium inventory theoretic model, in which a fixed cost is involved per cash transfer. The key feature is that a firm endogenously chooses the frequency of pay periods, which a household takes as given. When the firm must borrow working capital and pay wages by cheque, I show that both the firm and the household choose to transfer cash every payday only. The model keeps the basic result from the classical inventory theoretic approach that both the income and interest elasticity of money demand are 0.5. Chapter 3 extends the partial equilibrium model into a general equilibrium framework and shows that the partial equilibrium elasticity results no longer apply in the general equilibrium. First, the income elasticity is 1 in the general equilibrium. Second, the interest elasticity has two values depending on a threshold interest rate. When interest rates are below this threshold, the model is the Cash-In-Advance model with a constant income velocity of money and zero interest elasticity; otherwise the interest elasticity is close to 0.5 and the velocity fluctuates in response to variations in interest rates. Finally, the general equilibrium elasticity results are robust across alternative specifications of the agent's utility. Chapter 4 calibrates the general equilibrium model to the last 40 years of US data for M1. By constructing a residual measure of money transaction costs from the structural money demand function, I find that a structural break in the transaction costs occurred in 1981 might have been responsible for the instability of long-run money demand. The benefit of this approach is that it can explain this pattern of money demand without appealing to an exogenous structural break in the money demand function.

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