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来源类型Working Paper
规范类型报告
DOI10.3386/w17934
来源IDWorking Paper 17934
Liquidity, Business Cycles, and Monetary Policy
Nobuhiro Kiyotaki; John Moore
发表日期2012-03-29
出版年2012
语种英语
摘要The 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. There is a spectrum of returns on assets, reflecting their differences in liquidity. The model is used, first, to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity; second, to examine what role government policy might have through open market operations that change the mix of assets held by the private sector. With its emphasis on liquidity rather than sticky prices, the model harks back to an earlier interpretation of Keynes (1936), following Tobin (1969).
主题Macroeconomics ; Macroeconomic Models ; Money and Interest Rates ; Monetary Policy
URLhttps://www.nber.org/papers/w17934
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575610
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GB/T 7714
Nobuhiro Kiyotaki,John Moore. Liquidity, Business Cycles, and Monetary Policy. 2012.
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