Liquidity, Business Cycles, and Monetary Policy

• 成果类型: Article
• 署名作者: Kiyotaki, Nobuhiro; Moore, John
• 署名单位: Princeton University; University of Edinburgh; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/701891
• 发表日期: 2019
• 页码: 2926-2966
• 关键词: Financial intermediation; adverse selection; Bank runs; MODEL

摘要

This paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity and to examine what role government policy might have through open-market operations that change the mix of assets held by the private sector.