@article{d7c03e91560d4473922c162f03ba8513,
title = "Turnover liquidity and the transmission of monetary policy",
abstract = "We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence.",
author = "Ricardo Lagos and Shengxing Zhang",
note = "Funding Information: * Lagos: Department of Economics, New York University (email: ricardo.lagos@nyu.edu); Zhang: Department of Economics, London School of Economics (email: s.zhang31@lse.ac.uk). John Leahy was the coeditor for this article. This paper was submitted to the AER on January 9, 2017, and was accepted on December 17, 2018. Lagos is thankful for the support from the C.V. Starr Center for Applied Economics at NYU, and for the hospitality of Princeton University, University College London, the University of Minnesota, and the Federal Reserve Bank of Minneapolis. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. Zhang is thankful for the support from the Centre for Macroeconomics at LSE, the British Academy/Leverhulme Small Research Grant, and the ESRC-NSFC Grant “Building Debt Capital Markets in China.” The authors declare that they have no relevant or material financial interests that relate to the research described in this paper. Publisher Copyright: {\textcopyright} 2020 American Economic Association. All rights reserved.",
year = "2020",
month = jun,
doi = "10.1257/aer.20170045",
language = "English (US)",
volume = "110",
pages = "1635--1672",
journal = "American Economic Review",
issn = "0002-8282",
publisher = "American Economic Association",
number = "6",
}