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Article: Liquidity, transaction costs, and real activity

TitleLiquidity, transaction costs, and real activity
Authors
Issue Date1998
PublisherSouthern Economic Association. The Journal's web site is located at http://www.okstate.edu/economics/journal/jour1.html
Citation
Southern Economic Journal, 1998, v. 65 n. 2, p. 308-321 How to Cite?
AbstractThis 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.
Persistent Identifierhttp://hdl.handle.net/10722/85548
ISSN
2015 Impact Factor: 0.788
2015 SCImago Journal Rankings: 0.586
References

 

DC FieldValueLanguage
dc.contributor.authorZhang, Jen_HK
dc.date.accessioned2010-09-06T09:06:26Z-
dc.date.available2010-09-06T09:06:26Z-
dc.date.issued1998en_HK
dc.identifier.citationSouthern Economic Journal, 1998, v. 65 n. 2, p. 308-321en_HK
dc.identifier.issn0038-4038en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85548-
dc.description.abstractThis 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.en_HK
dc.languageengen_HK
dc.publisherSouthern Economic Association. The Journal's web site is located at http://www.okstate.edu/economics/journal/jour1.htmlen_HK
dc.relation.ispartofSouthern Economic Journalen_HK
dc.titleLiquidity, transaction costs, and real activityen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0038-4038&volume=65&spage=308&epage=321&date=1998&atitle=Liquidity,+Transaction+Costs,+and+Real+Activityen_HK
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_HK
dc.identifier.authorityZhang, J=rp01124en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0032344084en_HK
dc.identifier.hkuros43751en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0032344084&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume65en_HK
dc.identifier.issue2en_HK
dc.identifier.spage308en_HK
dc.identifier.epage321en_HK
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridZhang, J=55367373100en_HK

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