Journal of Political Economy Vol. 127 No. 6 2019

Liquidity, Business Cycles, and Monetary Policy

Nobuhiro Kiyotaki¹; John Moore²

¹ Princeton University · ² London School of Economics and Political Science

Abstract

The paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function.

DOI

10.1086/701891

Volume

127

Issue

6

Pages

2926-2966

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

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