rates of return to compensate agents for their relative lack of liquidity. Consistent with empirical findings, our model …

determine asset liquidity. In our model, two asset suppliers try to profit from the liquidity services their assets confer …. Asset liquidity is indirect in the sense that assets can be sold for money in over-the-counter (OTC) secondary markets … liquidity of two assets. Asset demand curves can slope upward for evenmodest degrees of increasing returns in the matching …

determine asset liquidity. In our model, two asset suppliers try to profit from the liquidity services their assets confer …. Asset liquidity is indirect in the sense that assets can be sold for money in over-the-counter (OTC) secondary markets … liquidity of two assets. Asset demand curves can slope upward for evenmodest degrees of increasing returns in the matching …

liquid portfolios, but liquidity comes at a cost: inflation. The OTC market serves as a secondary asset market, in which … agents can rebalance their positions depending on their liquidity needs. Hence, a contribution of our paper is to provide a …

rates of return to compensate agents for their relative lack of liquidity. Consistent with empirical findings, our model …

Assets have "indirect liquidity" if they cannot be used as media of exchange, but can be traded to obtain a medium of … liquidity, provides closed form solutions for real and nominal assets, and discusses properties of the solutions. Some of these …

portfolios, but liquidity comes at a cost: inflation. The OTC market serves as a secondary asset market, in which agents can … rebalance their positions depending on their liquidity needs. Hence, a contribution of our paper is to provide a micro …

rates of return to compensate agents for their relative lack of liquidity. Consistent with empirical findings, our model …

by the degree of liquidity in the secondary asset market. …