Liquidity, business cycles, and monetary policy
This paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. The model is used to investigate how aggregate activity and asset prices fluctuate with sho...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
University of Chicago Press
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |