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|z 9781484392331
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|a 1018-5941
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|c BD-DhAAL
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|a Espinoza, Raphael.
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|a Monetary Transaction Costs and the Term Premium /
|c Raphael Espinoza, Dimitrios P. Tsomocos.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (38 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of monetary policy. We also show asset prices are higher in liquidity-constrained states of nature. This generates a term premium even in absence of aggregate uncertainty. These results hold in any monetary economy with heterogeneous agents and short-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified.
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|a Mode of access: Internet
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|a Tsomocos, Dimitrios P.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/085
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/085/001.2013.issue-085-en.xml
|z IMF e-Library
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