The demand of liquid assets with uncertain lumpy expenditures

• 成果类型: Article
• 署名作者: Alvarez, Fernando; Lippi, Francesco
• 署名单位: University of Chicago; University of Sassari
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2013.05.008
• 发表日期: 2013
• 页码: 753-770
• 关键词: Money demand; Liquid assets; Lumpy purchases; Inventory theory

摘要

We consider an inventory model for a liquid asset where the per-period net expenditures have two components: one that is frequent and small and another that is infrequent and large. We give a theoretical characterization of the optimal management of liquid asset as well as of the implied observable statistics. We use our characterization to interpret some aspects of households' currency management in Austria, as well as the management of demand deposits by a large sample of Italian investors. (C) 2013 Elsevier B.V. All rights reserved.