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Turnover Liquidity and the Transmission of Monetary Policy.

Authors :
Lagos, Ricardo
Zhang, Shengxing
Source :
American Economic Review; Jun2020, Vol. 110 Issue 6, p1635-1672, 38p
Publication Year :
2020

Abstract

We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence. (JEL E44, E52, G12, G14, G35) [ABSTRACT FROM AUTHOR]

Subjects

Subjects :
LIQUIDITY (Economics)
TRANSMISSION mechanism (Monetary policy)
MONETARY policy
CENTRAL banking industry
OVER-the-counter markets
ECONOMIC equilibrium

Details

Language :
English
ISSN :
00028282
Volume :
110
Issue :
6
Database :
Complementary Index
Journal :
American Economic Review
Publication Type :
Academic Journal
Accession number :
143477962
Full Text :
https://doi.org/10.1257/aer.20170045
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