Monetary Policy, Asset Prices, and Liquidity in Over-the-Counter Markets
构建了一个模型，研究货币政策如何影响资产发行价和二级市场价格，并发现二级市场的摩擦在低通胀时反而可能提升福利。
We develop a model where agents can allocate their wealth between a liquid asset, which can be used to purchase consumption goods, and an illiquid asset, which represents a better store of value. Should a consumption opportunity arise, agents may visit a frictional “over-the-counter” secondary asset market where they can exchange illiquid for liquid assets. We characterize how monetary policy affects both the issue price and the secondary market price of the asset. We also show that, in contrast to conventional wisdom, search and bargaining frictions in the secondary asset market can improve welfare if inflation is low.