The Risk Premium and the Liquidity Premium in Foreign Exchange Markets
在一般均衡模型中研究远期汇率同时包含风险溢价和流动性溢价的性质，指出远期汇率受金融资产流动性影响，且流动性溢价还受商品流动性影响。
The forward exchange rate may include a liquidity premium as well as a risk premium. The nature of these premiums is investigated in a general equilibrium model. The more obvious point the paper makes is that the forward rate will be affected by the liquidity of financial assets. The subtle point the paper makes is that the liquidity premium of the forward rate is also influenced by the liquidity of goods. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.