Liquidity, transaction costs, and real activity

被引：0
|
作者：
Zhang, JX [1 ]
机构：
[1] Natl Univ Singapore, Dept Econ, Singapore 119260, Singapore
来源：
SOUTHERN ECONOMIC JOURNAL | 1998年 / 65卷 / 02期
关键词：
D O I：
10.2307/1060670
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies the liquidity effect in a pecuniary transaction-cost model. To model the asymmetric impact of monetary injections, we consider two behavioral assumptions: sluggish money demand and sluggish firm investment. It is found that, under reasonable parameterization, the model is capable of generating a dominant liquidity effect. Our result suggests that, with alternative monetary specifications and behavioral assumptions, general equilibrium models are still useful for studying the liquidity effect at business cycle frequencies.
引用
收藏
页码：308 / 321
页数：14
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