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Turnover liquidity and the transmission of monetary policy

Lagos, Ricardo and Zhang, Shengxing ORCID: 0000-0002-1475-2188 (2020) Turnover liquidity and the transmission of monetary policy. American Economic Review, 110 (6). 1635 - 1672. ISSN 0002-8282

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Identification Number: 10.1257/aer.20170045

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.

Item Type: Article
Official URL: https://www.aeaweb.org/journals/aer
Additional Information: © 2020 American Economic Association
Divisions: Economics
Subjects: H Social Sciences > HG Finance
H Social Sciences > HB Economic Theory
JEL classification: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy (Targets, Instruments, and Effects)
G - Financial Economics > G1 - General Financial Markets > G12 - Asset Pricing; Trading volume; Bond Interest Rates
G - Financial Economics > G1 - General Financial Markets > G14 - Information and Market Efficiency; Event Studies
G - Financial Economics > G3 - Corporate Finance and Governance > G35 - Payout Policy
Date Deposited: 16 Jun 2020 14:57
Last Modified: 20 Oct 2021 02:51
URI: http://eprints.lse.ac.uk/id/eprint/105095

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