Turnover liquidity and the transmission of monetary policy

Ricardo Lagos, Shengxing Zhang

    Research output: Contribution to journalArticle

    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 languageEnglish (US)
    Pages (from-to)1635-1672
    Number of pages38
    JournalAmerican Economic Review
    Volume110
    Issue number6
    DOIs
    StatePublished - Jun 2020

    ASJC Scopus subject areas

    • Economics and Econometrics

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