Asset prices and liquidity in an exchange economy
成果类型：
Article
署名作者：
Lagos, Ricardo
署名单位：
New York University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.10.006
发表日期：
2010
页码：
913-930
关键词：
摘要：
An asset-pricing model is developed in which financial assets are valued for their liquidity-the extent to which they are useful in facilitating exchange as well as for being claims to streams of consumption goods The theory is used to study the implications of this liquidity channel for average asset returns the equity-premium puzzle and the risk-free rate puzzle (C) 2010 Elsevier B V All rights reserved
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