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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.
FingerprintDive into the research topics of 'Liquidity, business cycles, and monetary policy'. Together they form a unique fingerprint.
- 2 Invited talk
John Moore (Contributor)27 Nov 2001
Activity: Academic talk or presentation types › Invited talk