منابع مشابه
Pairwise trade, asset prices, and monetary policy
We construct a search-theoretic model where fiat money coexists with real assets, and all assets can be used as a media of exchange. The terms of trade in bilateral matches are determined by a pairwise Pareto-efficient pricing mechanism. We do not have to appeal to exogenous liquidity constraints to generate asset prices that are consistent with the following facts: (i) fiat money can be valued...
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Let me start with praise for the paper and also introduce the structure of my comments. The paper by Misina and Tkacz is part of recent, broader literature investigating how asset prices and other financial variables can help document and predict financial stress and financial distress. Clearly, since we have faced the largest financial crisis in advanced countries since the Great Depression, n...
متن کاملMonetary Policy and Asset Prices with Imperfect Credit Markets
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We embed the notion of banks as monitors into a “two trees” framework, and consider how resources are optimally allocated between an intermediated banking sector and a risky sector, given that capital moves sluggishly between the two. We characterize equilibrium as a function of the relative size of the banking sector — the bank share — and the speed at which capital can move in and out of that...
متن کاملSecuritization and Asset Prices∗
During the 15 years prior to the global financial crisis the volume of securitized assets transacted in the US has grown substantially, reflecting a change in the nature of the financial intermediation process. Together with increased securitization, financial entities, who participate more heavily in the asset-backed security (ABS) market and hold a diversified portfolio of assets, have also b...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1991
ISSN: 1556-5068
DOI: 10.2139/ssrn.2127221