Money, Asset Prices, and the Liquidity Premium
研究了货币政策如何影响金融资产流动性服务的市场价值（即流动性溢价），理论预测货币供给和名义利率正向影响流动性溢价，而资产供给负向影响，美国数据证实了这些预测。
Abstract This paper examines the effect of monetary policy on the market value of the liquidity services that financial assets provide, known as the liquidity premium. The theory predicts that money supply and nominal interest rates have positive effects on the liquidity premium, but asset supply has a negative effect. The empirical analysis with U.S. data confirms the theoretical predictions. The theory also proposes that the liquidity properties of assets can cause negative nominal yields when the money holding cost is low and liquid assets are scarce. The suggestive empirical findings in Switzerland to support this theoretical result are presented.