Turnover Liquidity and the Transmission of Monetary Policy
提供了基于流动性的货币政策传导机制的新实证证据，并构建模型验证其与数据的匹配程度，对研究货币政策如何影响资产市场的学者有参考价值。
We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence.