【主讲】Xiaolin Xiao 讲师 (Auckland University of Technology)
【时间】2017年12月14日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼702室
【语言】英文
【摘要】In open market operations, a central bank swaps currency for bonds. We show how injecting money in this way is di¤erent from transfers, as policy is usually formulated in similar models. For this we capture liquidity explicitly by modeling the roles of assets in frictional exchange. Under various specifications for market structure and the acceptability or pledgeability of assets, we discuss implications for the Fisher and quantity equations, the possibility of negative nominal yields, liquidity traps, and market segmentation. When liquidity is endogenized using information theory, multiple equilibria emerge with di¤erent policy predictions. We also analyze interest on reserves.
