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Liquidity Frictions in Macroeconomic Models

出版	University of Chicago, 2010
ISBN	11241980409781124198040
URL	http://books.google.com.hk/books?id=NUSZAQAACAAJ&hl=&source=gbs_api

註釋In Chapter 2 I introduce the assumption that the agent's utility function is linear. With the flexibility induced by this assumption, I incorporate money and monetary policy. I seek to characterize better the equilibrium and stochastic short run dynamics produced by liquidity fluctuations on the allocation of resources, and assess how these outcomes can be influenced through the injection of liquidity, either by means of lump sum transfers of cash or asset market trades by the central bank. I found that the economy displays a sub-optimal, monetary equilibrium only when liquidity frictions are substantially large. Money neutrality is found but not super-neutrality and the Friedman rule attains optimality irrespective of the instruments used to finance the deflation. As for dynamics, negative liquidity shocks can generate a contraction and a temporary drop in the asset prices. Moreover, the policy of direct asset trades by the central bank has differential effects in magnitude, persistence and even direction depending on how it is financed.