Frictional asset markets and the liquidity channel of monetary policy

DOI10.1016/J.JET.2019.02.003MaRDI QIDQ2415984zbMATH OpenOpenAlexWikidataFDO

Authors Lucas Herrenbrueck

Publication date 23 May 2019

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

Full work available at URL https://doi.org/10.1016/j.jet.2019.02.003

zbMATH Keywords

financial frictionsindirect asset liquidityliquidity trapmonetary policymonetary theoryquantitative easing

Mathematics Subject Classification ID

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

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Cites work

• A Difficulty with the Optimum Quantity of Money
• A search-theoretic model of the term premium
• A tractable model of indirect asset liquidity
• A tractable monetary model under general preferences
• Borrowing Constraints and Aggregate Economic Activity
• Degreasing the wheels of finance
• Financial Innovation and the Transactions Demand for Cash
• Liquidity and asset prices in a monetary model with OTC asset markets
• Liquidity in Asset Markets With Search Frictions
• Money and capital as competing media of exchange
• Money, credit and banking
• Nonneutrality of money in dispersion: Hume revisited
• On the optimal quantity of liquid bonds
• On the threat of counterfeiting
• Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies
• Over-the-Counter Markets
• Scarce collateral, the term premium, and quantitative easing
• Societal benefits of illiquid bonds.
• The General Theory of Employment, Interest, and Money

Cited in

(11)

• Frictional asset reallocation under adverse selection
• Interbank market friction-induced holdings of precautionary liquidity: implications for bank loan supply and monetary policy implementation
• Optimal term structure in a monetary economy with incomplete markets
• Liquidity and private information in asset markets: to signal or not to signal
• Monetary policy in illiquid markets: options for a small open economy
• Liquidity and asset prices in a monetary model with OTC asset markets
• INSIDE MONEY, INVESTMENT, AND UNCONVENTIONAL MONETARY POLICY
• Asset purchases, limited asset markets participation and inequality
• Financial openness, financial frictions and optimal monetary policy
• Asymmetric information, asset markets, and the medium of exchange
• Financial frictions, capital reallocation, and aggregate fluctuations

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