A tractable model of indirect asset liquidity

详细信息    查看全文

• 作者：Lucas Herrenbrueck^a ; ^{herrenbrueck@sfu.ca} ; Athanasios Geromichalos^b ; ^{ageromich@ucdavis.edu}
• 关键词：E41 ; E51 ; E52 ; G12
• 刊名：Journal of Economic Theory
• 出版年：2017
• 出版时间：March 2017
• 年：2017
• 卷：168
• 期：Complete
• 页码：252-260
• 全文大小：235 K
• 卷排序：168

文摘

Assets have “indirect liquidity” if they cannot be used as media of exchange, but can be traded to obtain a medium of exchange (money) and thereby inherit monetary properties. This essay describes a simple dynamic model of indirect asset liquidity, provides closed form solutions for real and nominal assets, and discusses properties of the solutions. Some of these are standard: assets and money are imperfect substitutes, asset demand curves slope down, and money is not always neutral. Other properties are more surprising: prices are flexible but appear sticky, and an increase in the supply of indirectly liquid assets can decrease welfare. Because of its simplicity, the model can be useful as a building block inside a larger model, and for teaching concepts from monetary theory.