Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies
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Publication:643259
DOI10.1016/j.jet.2011.06.016zbMath1255.91388OpenAlexW3122914628MaRDI QIDQ643259
Aleksander Berentsen, Christopher J. Waller
Publication date: 28 October 2011
Published in: Journal of Economic Theory (Search for Journal in Brave)
Full work available at URL: https://doi.org/10.1016/j.jet.2011.06.016
Applications of statistical and quantum mechanics to economics (econophysics) (91B80) Macroeconomic theory (monetary models, models of taxation) (91B64) Portfolio theory (91G10)
Related Items (10)
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 ⋮ Liquidity premiums on government debt and the fiscal theory of the price level ⋮ The redistributive effects of inflation and the shape of money demand ⋮ Intermediary cost and coexistence puzzle ⋮ Frictional asset markets and the liquidity channel of monetary policy ⋮ Liquidity and private information in asset markets: to signal or not to signal ⋮ The role of trading frictions in financial markets
Cites Work
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- Essential interest-bearing money
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- Money, credit and banking
- Money and dynamic credit arrangements with private information
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- A Model of Money and Credit, with Application to the Credit Card Debt Puzzle
- A Difficulty with the Optimum Quantity of Money
- Currency and Credit are Equivalent Mechanisms
- A Divisible Search Model of Fiat Money
- Liquidity Constrained Markets Versus Debt Constrained Markets
- Efficiency, Equilibrium, and Asset Pricing with Risk of Default
- Bubbles and Self-Enforcing Debt
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