Societal benefits of illiquid bonds.

DOI10.1016/S0022-0531(03)00029-2zbMath1037.91573OpenAlexW2152042845MaRDI QIDQ1810684

Narayana R. Kocherlakota

Publication date: 9 June 2003

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/s0022-0531(03)00029-2

zbMATH Keywords

liquiditymonetary economiesrisk-free bonds

Mathematics Subject Classification ID

Related Items (20)

Liquidity and asset prices in a monetary model with OTC asset markets ⋮ DEGREASING THE WHEELS OF FINANCE ⋮ On the optimal quantity of liquid bonds ⋮ Comments on ``Frictional capital reallocation. I: Ex ante heterogeneity by R. Wright, S. X. Xiao, and Y. Zhu ⋮ Frictional asset markets and the liquidity channel of monetary policy ⋮ On the benefits of currency reform ⋮ Coexistence of money and interest-bearing bonds ⋮ On the coexistence of money and higher-return assets and its social role ⋮ A tractable model of monetary exchange with ex post heterogeneity ⋮ Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies ⋮ Credit and inflation under borrower's lack of commitment ⋮ Liquidity and private information in asset markets: to signal or not to signal ⋮ The role of trading frictions in financial markets ⋮ The social value of risk-free government debt ⋮ A tractable model of indirect asset liquidity ⋮ Essential interest-bearing money ⋮ Money, credit and banking ⋮ MONEY AND NOMINAL BONDS ⋮ MONETARY POLICY IMPLEMENTATION FRAMEWORKS: A COMPARATIVE ANALYSIS ⋮ Preference heterogeneity and optimal monetary policy

Cites Work

• Asset trading mechanisms and expansionary policy
• Money is memory
• Incomplete record-keeping and optimal payment arrangements
• Money and storage in a differential information economy

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