Money and asset prices with uninsurable risks
成果类型：
Article
署名作者：
Jacquet, Nicolas L.; Tan, Serene
署名单位：
University of Adelaide; Singapore Management University; National University of Singapore
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.018
发表日期：
2012
页码：
784-797
关键词：
摘要：
We present a theory of differences of liquidity across assets, based on an endogenous ranking of assets as media of exchange arising from their relative quality as hedging devices. When assets have two distinct roles, as intertemporal media of exchange and hedging devices, buyers have generically a strict preference for paying sellers with the asset which is the relative better hedging device for sellers. The consequence of this preference is that there are three monetary policy regimes, and these regimes differ in which assets serve as media of exchange, whether assets carry a liquidity premium, and in the impact that monetary policy has on asset prices. (C) 2012 Elsevier B.V. All rights reserved.
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