| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25239 |
| 来源ID | Working Paper 25239 |
| A Monetary Model of Bilateral Over-the-Counter Markets | |
| Ricardo Lagos; Shengxing Zhang | |
| 发表日期 | 2018-11-12 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We develop a model of monetary exchange in bilateral over-the-counter markets to study the effects of monetary policy on asset prices and financial liquidity. The theory predicts asset prices carry a speculative premium that reflects the asset's marketability and depends on monetary policy and the market microstructure where it is traded. These liquidity considerations imply a positive correlation between the real yield on stocks and the nominal yield on Treasury bonds—an empirical observation long regarded anomalous. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25239 |
| 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/582913 |
| 推荐引用方式 GB/T 7714 | Ricardo Lagos,Shengxing Zhang. A Monetary Model of Bilateral Over-the-Counter Markets. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25239.pdf（474KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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