Liquidity in Frictional Asset Markets | Zendy

Guillaume Rocheteau | Zendy; Pierre-Olivier Weill | Zendy

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Liquidity in Frictional Asset Markets

Author(s) -

Guillaume Rocheteau,

Pierre-Olivier Weill

Publication year - 2011

Publication title -

ssrn electronic journal

Language(s) - English

Resource type - Journals

ISSN - 1556-5068

DOI - 10.2139/ssrn.1743656

Subject(s) - market liquidity , business , asset (computer security) , liquidity crisis , liquidity risk , financial system , monetary economics , finance , economics , computer science , computer security

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, e.g., 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.

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