Societal benefits of illiquid bonds

被引：56

作者：

Kocherlakota, NR

机构：

[1] Stanford Univ, Dept Econ, Stanford, CA 94305 USA

[2] Fed Reserve Bank Minneapolis, Minneapolis, MN 55480 USA

来源：

JOURNAL OF ECONOMIC THEORY | 2003年 / 108卷 / 02期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1016/S0022-0531(03)00029-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, I provide a possible explanation of why nominally risk-free bonds are essential in monetary economies. I argue that the role of nominal bonds is to enable agents to engage in intertemporal exchanges of money. I show that bonds can only serve this role if they are illiquid (costly to exchange for goods). Finally, I argue that in economies in which nominal bonds are essential, it is optimal for monetary policy to respond to changes in the distribution of liquidity needs. (C) 2003 Elsevier Science (USA). All rights reserved.

引用

页码：179 / 193

页数：15

共 10 条

[1]

Aiyagari SR, 1996, J MONETARY ECON, V37, P397

[2]

CORBAE D, 1998, MONEY SEARCH ENDURIN

[3] Money and storage in a differential information economy [J].