Persistent Liquidity Effects and Long-Run Money Demand
构建了一个资产市场分割的货币模型，解释了流动性一次性增加后利率持续下降的机制，并指出该效应的幅度和持续性取决于长期货币需求的利率弹性与跨期替代弹性之比，同时解释了短期货币需求估计的不稳定性与长期利率弹性货币需求的稳定性。
We present a monetary model with segmented asset markets that implies a persistent fall in interest rates after a once-and-for-all increase in liquidity. The gradual propagation mechanism produced by our model is novel in the literature. We provide an analytical characterization of this mechanism, showing that the magnitude of the liquidity effect on impact, and its persistence, depend on the ratio of two parameters: the long-run interest rate elasticity of money demand and the intertemporal substitution elasticity. The model simultaneously explains the short-run “instability” of money demand estimates as well as the stability of long-run interest-elastic money demand.