Liquidity, Business Cycles, and Monetary Policy
Liquidity, Business Cycles, and Monetary Policy
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DOI：
10.1086/701891
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发表时间：
2012-03
影响因子：
8.2
通讯作者：
N. Kiyotaki;John. Moore
中科院分区：
文献类型：
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作者：
N. Kiyotaki;John. Moore
本文提出了一种货币经济模型，其中不同资产的流动性存在差异。货币流通是因为它比其他资产更具流动性，而不是因为它有任何特殊功能。该模型用于研究总体活动和资产价格如何随着生产率和流动性的冲击而波动，并研究政府政策通过公开市场操作改变私营部门持有的资产组合可能发挥什么作用。
This 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. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity and to examine what role government policy might have through open-market operations that change the mix of assets held by the private sector.