Three liquid assets

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2023-05-11 DOI:10.1017/s1365100523000202

Nicola Amendola, Lorenzo Carbonari, Leo Ferraris

引用次数: 0

Abstract

Abstract We examine a theoretical model of liquidity with three assets—money, government bonds, and equity—that are used for transaction purposes. Money and bonds complement each other in the payment system. The liquidity of equity is derived as an equilibrium outcome. Liquidity cycles arise from the loss of confidence of the traders in the liquidity of the system. Both open market operations and credit easing play a beneficial role for different purposes.

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三项流动资产

摘要:本文研究了用于交易目的的三种资产——货币、政府债券和股票——的流动性理论模型。货币和债券在支付系统中是相辅相成的。股权的流动性是作为一种均衡结果推导出来的。流动性周期是由于交易者对系统的流动性失去信心而产生的。公开市场操作和信贷宽松都在不同的目的上发挥着有益的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.