Societal benefits of illiquid bonds.

DOI10.1016/S0022-0531(03)00029-2MaRDI QIDQ1810684zbMATH OpenOpenAlexFDO

Authors Narayana R. Kocherlakota

Publication date 9 June 2003

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/s0022-0531(03)00029-2

zbMATH Keywords

liquiditymonetary economiesrisk-free bonds

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cites work

• Asset trading mechanisms and expansionary policy
• Incomplete record-keeping and optimal payment arrangements
• Money and storage in a differential information economy
• Money is memory

Cited in

(21)

• On the optimal quantity of liquid bonds
• Comments on ``Frictional capital reallocation. I: Ex ante heterogeneity by R. Wright, S. X. Xiao, and Y. Zhu
• The role of trading frictions in financial markets
• Preference heterogeneity and optimal monetary policy
• Liquidity and private information in asset markets: to signal or not to signal
• Frictional asset markets and the liquidity channel of monetary policy
• On the benefits of currency reform
• On the coexistence of money and higher-return assets and its social role
• Liquidity and asset prices in a monetary model with OTC asset markets
• Monetary policy implementation frameworks: a comparative analysis
• Degreasing the wheels of finance
• MONEY AND NOMINAL BONDS
• A tractable model of monetary exchange with ex post heterogeneity
• A tractable model of indirect asset liquidity
• Coexistence of money and interest-bearing bonds
• Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies
• Credit and inflation under borrower's lack of commitment
• The social value of risk-free government debt
• Asymmetric information, asset markets, and the medium of exchange
• Essential interest-bearing money
• Money, credit and banking

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