Article ID Journal Published Year Pages File Type
967175 Journal of Monetary Economics 2012 14 Pages PDF
Abstract
► We present a theory of liquidity differences across assets. ► Assets have two distinct roles, as media of exchange and hedging devices. ► Assets' ranking as media of exchange is based on their hedging properties. ► There are three monetary policy regimes. ► 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
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