Endogenous Liquidity and Capital Reallocation

• 成果类型: Article
• 署名作者: Cui, Wei; Wright, Randall; Zhu, Yu
• 署名单位: University of London; University College London; University of Groningen; Zhejiang University; Renmin University of China
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/732522
• 发表日期: 2025
• 页码: 146-189
• 关键词: General equilibrium; business-cycle; search equilibrium; indivisible labor; aggregate demand; monetary-policy; money; MARKET; inflation; credit

摘要

This paper studies economies where firms acquire capital in primary markets and then, after idiosyncratic productivity shocks, retrade it in secondary markets that incorporate bilateral trade with search, bargaining, and liquidity frictions. We distinguish between full or partial sales (one firm gets all or some of the other's capital) and document several long- and short-run empirical patterns between these variables and the cost of liquidity, as measured by inflation. Quantitatively, the model can match these patterns plus the standard business cycle facts. We also investigate the impact of search frictions, monetary and fiscal policy, persistence in shocks, and returns to scale.