Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy
构建了一个货币与风险股权共存的经济模型，研究股权价格冲击如何引发流动性危机，并刻画了最优货币政策及其对股权收益的影响。
I formulate a model in which money coexists with equity shares on a risky aggregate endowment. Agents can use equity as a means of payment, so shocks to equity prices translate into aggregate liquidity shocks that disrupt the mechanism of exchange. I characterize a family of optimal monetary policies and find that the resulting equity prices are independent of monetary considerations. I also study a perturbation of the family of optimal policies that targets a positive constant nominal interest rate and find that in this case the real equity return includes a liquidity return that depends on monetary considerations.