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Liquidity, business cycles, and monetary policy

Kiyotaki, Nobuhiro and Moore, John (2019) Liquidity, business cycles, and monetary policy. Journal of Political Economy, 127 (6). 2926 - 2966. ISSN 0022-3808

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Identification Number: 10.1086/701891


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. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity, and to examine what role government policy might have through open market operations that change the mix of assets held by the private sector.

Item Type: Article
Official URL:
Additional Information: © 2019 University of Chicago
Divisions: Economics
Subjects: H Social Sciences > HB Economic Theory
Date Deposited: 16 Oct 2019 14:15
Last Modified: 20 Oct 2021 02:44

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