Liquidity: A New Monetarist Perspective
Liquidity: A New Monetarist Perspective
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DOI：
10.1257/jel.20141195
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发表时间：
2017-06
影响因子：
12.6
通讯作者：
R. Lagos;G. Rocheteau;Randall Wright
中科院分区：
文献类型：
--
作者：
R. Lagos;G. Rocheteau;Randall Wright
这篇文章概述了新的货币主义方法的流动性。本文献中的工作力求经验和政策相关性，加上严格的基础。问题包括：什么是流动性？金钱是实现理想结果的必要条件吗？哪些对象可以或应该发挥这种作用？资产价格何时会偏离基本面？信贷市场中的承诺和抵押品的功能是什么？货币如何与信贷和中介相互作用？货币政策能做什么，也应该做什么？该研究强调摩擦交易的微观结构，并研究货币交换、信贷安排或中介等机构如何促进交换过程。
This essay surveys the new monetarist approach to liquidity. Work in this literature strives for empirical and policy relevance, plus rigorous foundations. Questions include: What is liquidity? Is money essential in achieving desirable outcomes? Which objects can or should serve in this capacity? When can asset prices differ from fundamentals? What are the functions of commitment and collateral in credit markets? How does money interact with credit and intermediation? What can and should monetary policy do? The research summarized emphasizes the micro structure of frictional transactions, and studies how institutions like monetary exchange, credit arrangements, or intermediation facilitate the exchange process.