An analysis of the topic of the placidity

An analysis of the topic of the placidity Posted On mars 30, at Bartholomew judicial and monopolist overcompensated his shadberries tuts and outdoor couples.

An analysis of the topic of the placidity

For example, currency coins and paper money is an extremely liquid asset, whereas consumer durables and housing are very illiquid assets. Other assets, such as money in the bank, stocks, and bonds, fall between these two extremes, depending on the nature of their market.

Hence, if someone needed to sell illiquid assets to raise money, say, as a result of a bad income shock, he should expect a loss, because he will not get the full value of his illiquid assets in a distress sale. Even though the goal of holding assets is to obtain a return, firms and consumers regularly hold currency, which offers no return.

According to John R. These Keynesian models lead to the conclusion that an increase in the money supply everything else remaining equal lowers interest rates. This is known as the liquidity effect. However, Milton Friedman —the Nobel laureate in economics, argued that an increase in the money supply might not leave everything else equal, and that there are other possible effects of an increase in the money supply on interest rates, such as the income effect, the price-level effect, and the expected-inflation effect.

In fact, the empirical evidence, mainly based on vector autoregressions VARsseems to indicate that money and interest rates are positively rather than negatively related, thereby producing a liquidity puzzle.

There have been many attempts to unravel this puzzle e. In general, as more variables are introduced and as the VAR specification is refined, it produces results consistent with traditional Keynesian and monetarist analysis see, for example, Cochrane A purely theoretical concept that is also due to Keynes is the idea of a liquidity trap —an extreme case of ultrasensitivity of the demand for money to interest rates.

In this case, the money demand curve is completely flat in the liquidity preference framework and the LM curve is horizontal in the IS-LM framework, meaning that increases in the money supply are absorbed without any decline in interest rates. Thus monetary policy is without effect and fiscal policy is the only means of economic control.

The empirical evidence, however, indicates that although the demand for money is sensitive to interest rates, a liquidity trap has never existed.

Over the years, several measures of liquidity have been employed. For example, for individual assets, liquidity can be measured by a liquidity premium —the lower the liquidity premium, the more liquid and the more like money the asset is. If one wanted to obtain an aggregate measure of liquidity, one would add the assets together, giving higher weights to those assets with lower liquidity premiums.

In this regard, the money measures currently in use by central banks around the world known as monetary aggregates are simple-sum indices in which all financial assets are assigned a constant and equal unitary weight. This index is Mt in where xjt is one of the n components of the monetary aggregate Mt.

This summation index implies that all financial assets contribute equally to the money total, and it views all components as dollar-for-dollar perfect substitutes.

Such an index, there is no question, represents an index of the stock of nominal financial wealth, but cannot, in general, represent a valid structural economic variable for the liquidity services of financial assets in the economy. In light of the foregoing arguments, there have been many attempts at properly weighting financial assets within a simple-sum aggregate.

With no theory, however, any weighting scheme is questionable. Barnett applied economic aggregation and index number theory and constructed monetary aggregates based upon W.

Above rjt is the market yield on the j th asset, and Rt is the yield available on a benchmark asset that is held only to carry wealth between multiperiods.

An analysis of the topic of the placidity

At the margin, the greater the difference between Rt and rjt, the greater is the liquidity services that asset j yields. The User Cost of Money. Journal of Econometrics The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds. Review of Economics and Statistics Measuring the Output Effects of Monetary Policy.

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Analyzing the market won’t, on its own, dictate a fool-proof strategy for an organization to cope with its changing market. Education Topics; Core Curriculum; Common Core State Standards; Technology for the Classroom; Chapter 9. Summary and Analysis; Original Text; First page Previous page Page: 2 of 8 Next page Last page.

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