Title of article
Money andassetpriceswithuninsurablerisks
Author/Authors
Nicolas L.Jacquet، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
14
From page
784
To page
797
Abstract
We presentatheoryofdifferencesofliquidityacrossassets,basedonan endogenous
rankingofassetsasmediaofexchangearisingfromtheirrelativequalityashedging
devices.Whenassetshavetwodistinctroles,asintertemporalmediaofexchangeand
hedgingdevices,buyershavegenericallyastrictpreferenceforpayingsellerswiththe
assetwhichistherelativebetterhedgingdeviceforsellers.Theconsequenceofthis
preferenceisthattherearethreemonetarypolicyregimes,andtheseregimesdifferin
whichassetsserveasmediaofexchange,whetherassetscarryaliquiditypremium,and
in theimpactthatmonetarypolicyhasonassetprices
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846557
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