全球智库信息集成服务系统(G2TT): Liquidity, Business Cycles, and Monetary Policy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17934
来源ID	Working 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
URL	https://www.nber.org/papers/w17934
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/575610
推荐引用方式 GB/T 7714	Nobuhiro Kiyotaki,John Moore. Liquidity, Business Cycles, and Monetary Policy. 2012.