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Illiquid Financial Markets and Monetary Policy
dc.contributor.author | Suárez-Lledó Grande, José | es-ES |
dc.contributor.author | Geromichalos, Athanasios | es-ES |
dc.contributor.author | Licari, Juan | es-ES |
dc.date.accessioned | 2018-02-19T12:52:49Z | |
dc.date.available | 2018-02-19T12:52:49Z | |
dc.identifier.uri | http://hdl.handle.net/11531/25913 | |
dc.description.abstract | es-ES | |
dc.description.abstract | This paper analyzes the role of money in asset markets characterized by search frictions. We develop a dynamic framework that brings together a model for illiquid financial assets `a la Duffie, G arleanu, and Pedersen, and a search-theoretic model of monetary exchange `a la Lagos and Wright. The presence of decentralized financial markets generates an essential role for money, which helps investors re-balance their portfolios. We provide conditions that guarantee the existence of a monetary equilibrium. In this case, asset prices are always above their fundamental value, and this differential represents a liquidity premium. We are able to derive an asset pricing theory that delivers an explicit connection between monetary policy, asset prices, and welfare. We obtain a negative relationship between inflation and equilibrium asset prices. This key result stems from the complementarity between money and assets in our framework | en-GB |
dc.format.mimetype | application/pdf | es_ES |
dc.language.iso | en-GB | es_ES |
dc.rights | Creative Commons Reconocimiento-NoComercial-SinObraDerivada España | es_ES |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/es/ | es_ES |
dc.title | Illiquid Financial Markets and Monetary Policy | es_ES |
dc.type | info:eu-repo/semantics/workingPaper | es_ES |
dc.description.version | info:eu-repo/semantics/draft | es_ES |
dc.rights.holder | es_ES | |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | es_ES |
dc.keywords | es-ES | |
dc.keywords | monetary policy, asset pricing, decentralized markets, liquidity | en-GB |
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