Information, Liquidity, Asset Prices, and Monetary Policy

• 成果类型: Article
• 署名作者: Lester, Benjamin; Postlewaite, Andrew; Wright, Randall
• 署名单位: Western University (University of Western Ontario); University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rds003
• 发表日期: 2012
• 页码: 1209-1238
• 关键词: Exchange economy; money; settlement; Currency; MARKETS; Barter; MODEL

摘要

What determines which assets are used in transactions? We develop a framework where the extent to which assets are recognizable determines the extent to which they are acceptable in exchange-i.e. it determines their liquidity. Recognizability and liquidity are endogenized by allowing agents to invest in information. We analyse the effects of monetary policy. There can be multiple equilibria, with different transaction patterns, and these patterns are not invariant to policy. We show that small changes in information may generate large responses in asset prices, allocations, and welfare. We also discuss some issues in international economics, including exchange rates and dollarization.