2002 Lawrence R. Klein lecture liquidity and asset prices

Nobuhiro Kiyotaki, John Moore

Research output: Contribution to journalArticlepeer-review

69 Scopus citations


We broadly define liquid assets, or monetary assets, as any asset that can be readily sold in the market and can be held by a number of people in succession before maturity. We ask in what environment is the circulation of liquid assets essential for the smooth running of the economy. By developing a canonical model of a monetary economy (i.e., where the circulation of liquid assets is essential), we are able to examine the interaction between liquidity, asset prices, and aggregate economic activity.

Original languageEnglish (US)
Pages (from-to)317-349
Number of pages33
JournalInternational Economic Review
Issue number2
StatePublished - May 2005
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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