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...
| 主要作者: | |
|---|---|
| 其他作者: | |
| 格式: | 雜誌 |
| 語言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
2013.
|
| 叢編: | IMF Working Papers; Working Paper ;
No. 2013/085 |
| 在線閱讀: | Full text available on IMF |