LIQUIDITY CONSTRAINTS IN A MONETARY ECONOMY*
构建了一个包含消费和投资市场的微观基础货币模型，研究当投资回报中只有部分可抵押时产生的流动性约束，以及货币如何同时提供流动性和交换服务。
This article presents a microfounded model of money with a consumption and an investment market. We consider an economy in which only part of the investment returns can be pledged. A liquidity constraint arises when the pledgeable part of the returns are not enough to pay for investment costs. We show that when the liquidity constraint is binding, agents may make a cash downpayment and money can perform two roles—as a provider of liquidity services and exchange services. The liquidity constraint constitutes a channel though which underinvestment occurs even at low inflation rates.