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150128 ||| eng |
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|a 9781484392331
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| 100 |
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|a Espinoza, Raphael
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| 245 |
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|a Monetary Transaction Costs and the Term Premium
|c Raphael Espinoza, Dimitrios P. Tsomocos
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2013
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| 300 |
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|a 38 pages
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| 653 |
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|a Interest rates
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| 653 |
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|a Inflation
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| 653 |
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|a Economics
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| 653 |
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|a Finance
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| 653 |
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|a Monetary economics
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| 653 |
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|a Deflation
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| 653 |
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|a Short term interest rates
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Liquidity
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| 653 |
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|a Money supply
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| 653 |
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|a Asset prices
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| 653 |
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|a Investments: Commodities
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| 653 |
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|a Price Level
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| 653 |
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|a Commodities
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| 653 |
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|a Monetary base
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Investment & securities
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| 653 |
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|a Commercial products
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Portfolio Choice
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| 653 |
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|a Finance: General
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| 653 |
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|a Investment Decisions
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| 653 |
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|a Commodity Markets
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| 700 |
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|a Tsomocos, Dimitrios P.
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781484392331.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2013/085/001.2013.issue-085-en.xml?cid=40458-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of monetary policy. We also show asset prices are higher in liquidity-constrained states of nature. This generates a term premium even in absence of aggregate uncertainty. These results hold in any monetary economy with heterogeneous agents and short-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified
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