Liquidity and Trading Dynamics

• 成果类型: Article
• 署名作者: Guerrieri, Veronica; Lorenzoni, Guido
• 署名单位: University of Chicago; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA7231
• 发表日期: 2009
• 页码: 1751-1790
• 关键词: search equilibrium; money; consumption; RISK; inflation; FRAMEWORK; welfare; GROWTH

摘要

In this paper, we build a model where the presence of liquidity constraints tends to magnify the economy's response to aggregate shocks. We consider a decentralized model of trade, where agents may use money or credit to buy goods. When agents do not have access to credit and the real value of money balances is low, agents are more likely to be liquidity constrained. This makes them more concerned about their short-term earning prospects when making their consumption decisions and about their short-term spending opportunities when making their production decisions. This generates a coordination element in spending and production which leads to greater aggregate volatility and greater comovement across producers.