Liquidity: A New Monetarist Perspective

Liquidity: A New Monetarist Perspective

This essay surveys the new monetarist approach to liquidity. Work in this literature strives for empirical and policy relevance, plus rigorous foundations. Questions include: What is liquidity? Is money essential in achieving desirable outcomes? Which objects can or should serve in this capacity? Wh...

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Veröffentlicht in:Journal of economic literature 2017-06, Vol.55 (2), p.371-440
Hauptverfasser: Lagos, Ricardo, Rocheteau, Guillaume, Wright, Randall
Format: Artikel
Sprache:eng
Schlagworte:
Currency
Economic inflation
Economic models
Economic theory
International economics
Liquidity
Markets
Monetary policy
Monetary theory
Money
Prices
Trade
Transactions
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creator Lagos, Ricardo
Rocheteau, Guillaume
Wright, Randall
description This essay surveys the new monetarist approach to liquidity. Work in this literature strives for empirical and policy relevance, plus rigorous foundations. Questions include: What is liquidity? Is money essential in achieving desirable outcomes? Which objects can or should serve in this capacity? When can asset prices differ from fundamentals? What are the functions of commitment and collateral in credit markets? How does money interact with credit and intermediation? What can and should monetary policy do? The research summarized emphasizes the micro structure of frictional transactions, and studies how institutions like monetary exchange, credit arrangements, or intermediation facilitate the exchange process.
doi_str_mv 10.1257/jel.20141195
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source Jstor Complete Legacy; American Economic Association; EBSCOhost Business Source Complete
subjects Currency
Economic inflation
Economic models
Economic theory
International economics
Liquidity
Markets
Monetary policy
Monetary theory
Money
Prices
Trade
Transactions
title Liquidity: A New Monetarist Perspective
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