Monetary Transaction Costs and the Term Premium /
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 liq...
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| Format: | Revue |
| Langue: | English |
| Publié: |
Washington, D.C. :
International Monetary Fund,
2013.
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| Collection: | IMF Working Papers; Working Paper ;
No. 2013/085 |
| Accès en ligne: | Full text available on IMF |