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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. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w17934.pdf(354KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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