Liquidity in Frictional Asset Markets
通过一个简单的搜索理论模型，回顾了金融和货币理论中关于资产市场交易摩擦的文献，并讨论了2008年克利夫兰联储会议的相关论文，涵盖住房与信贷市场动态、支付系统运行、最优货币政策及通胀成本等主题。
On November 14–15, 2008, the Federal Reserve Bank of Cleveland hosted a conference on “Liquidity in frictional asset markets.” In this paper, we review the literature on asset markets with trading frictions in both finance and monetary theory using a simple search‐theoretic model, and we discuss the papers presented at the conference in the context of this literature. We will show the diversity of topics covered in this literature, for example, the dynamics of housing and credit markets, the functioning of payment systems, optimal monetary policy and the cost of inflation, the role of banks, the effect of informational frictions on asset trading.