I extend and discuss the model of asset liquidity by Lester, Postlewaite, and Wright (2007, 2008). I consider a model … lower fraction of their asset holdings in matches where sellers are uninformed. Both the asset's price and its liquidity (as …

Is asset liquidity a source of price volatility? We answer this question within a continuous-time, New Monetarist … economy under extrinsic uncertainty and endogenous asset liquidity. We consider single or multiple assets, risk-free or risky … equilibria exist only if assets have a non-positive intrinsic value (e.g., fiat monies) or if their liquidity (acceptability …

liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …

evidence on the effect of funding liquidity on market liquidity. Consistent with models that stress intermediary capital, we … find that market liquidity has a strong, positive association with borrowing by the primary dealers. However, we find … little evidence in support of the conventional wisdom that loose monetary policy boosts market liquidity. The results imply …

We analyse the relationship between global liquidity and exchange market pressure in 32 emerging market economies … accounts for changes in exchange rates, foreign exchange reserves and, optionally, interest rates. Surges in monetary liquidity … market conditions: ample liquidity provision in advanced economies contributes to the build-up of financial stability risks …

We study the transmission of liquidity shocks in a dynamic general equilibrium model where firms and households are … subject to liquidity risk. The provision of liquidity services is undertaken by financial intermediaries that allocate the … stock of liquid asset between the different sectors of the economy. We find that the macroeconomic effects of liquidity …

We develop an empirical framework that links micro-liquidity, macro-liquidity and stock prices. We provide evidence of … a strong link between macro-liquidity shocks and the returns of UK stock portfolios constructed on the basis of micro-liquidity … measures between 1999-2012. Specifically, macro-liquidity shocks, which are extracted on the meeting days of the Bank of …

policy on stock liquidity and thereby addresses its role as a determinant of commonality in liquidity. To capture effects … liquidity in the German, French and Italian markets. These findings are robust for seven proxies of liquidity and two measures … of monetary policy. -- stock liquidity ; monetary policy ; euro zone …

policy on stock liquidity and thereby addresses its role as a determinant of commonality in liquidity. To capture effects … liquidity in the German, French and Italian markets. These findings are robust for seven proxies of liquidity and two measures …

We test the performance of various measures of global liquidity as early warning indicators of booms in house and … global liquidity measures based on two aggregation schemes: the traditional measures, based on G5 data, and broader measures …, based on data for up to 26 countries/currency areas. Our results show that, in the last decade, global liquidity measures …