Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
967175 | Journal of Monetary Economics | 2012 | 14 Pages |
Abstract
⺠We present a theory of liquidity differences across assets. ⺠Assets have two distinct roles, as media of exchange and hedging devices. ⺠Assets' ranking as media of exchange is based on their hedging properties. ⺠There are three monetary policy regimes. ⺠They differ in the assets used as media of exchange and monetary policy's impact on asset prices.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Nicolas L. Jacquet, Serene Tan,