Liquidity, Business Cycles, and Monetary Policy
构建了一个货币经济模型，其中资产流动性存在差异，货币因流动性更高而流通。研究生产率和流动性冲击如何影响总产出和资产价格，并探讨政府通过公开市场操作改变私人部门资产组合的政策作用。
The paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity, and to examine what role government policy might have through open market operations that change the mix of assets held by the private sector.