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.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 1635-1672 |
| Number of pages | 38 |
| Journal | American Economic Review |
| Volume | 110 |
| Issue number | 6 |
| DOIs | |
| State | Published - Jun 2020 |
ASJC Scopus subject areas
- Economics and Econometrics
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Cite this
Lagos, R., & Zhang, S. (2020). Turnover liquidity and the transmission of monetary policy. American Economic Review, 110(6), 1635-1672. https://doi.org/10.1257/aer.20170045