Money and Asset Liquidity in Frictional Capital Markets
构建了一个包含资本市场竞争性搜寻的动态一般均衡模型，内生决定资产流动性和融资约束，发现低资产可售性会降低资产价格、收紧融资约束并增加对公共流动性的需求，进而抑制实际投资和消费。
We endogenize asset liquidity and financing constraints in a dynamic general equilibrium model with search frictions on capital markets. Assets traded on frictional capital markets are only partially saleable. Liquid assets, such as fiat money, instead, are not subject to search frictions and can be used to insure idiosyncratic investment risks. Partially saleable assets thus carry a liquidity premium over fully liquid assets. We show that, in equilibrium, low asset saleability is typically associated with lower asset prices, tighter financing constraints, thus stronger demand for public liquidity. Lower asset liquidity feeds into real allocations, constraining real investment, consumption, and production.