English, Article, Journal or magazine article edition: Asset prices and liquidity in an exchange economy Ricardo Lagos

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Bookmark: http://trove.nla.gov.au/version/28021
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Asset prices and liquidity in an exchange economy
Author
  • Ricardo Lagos
Physical Description
  • preprint
Notes
  • I develop an asset-pricing model in which financial assets are valued for their liquidity - the extent to which they are useful in facilitating exchange - as well as for being claims to streams of consumption goods. The implications for average asset returns, the equity-premium puzzle and the risk-free rate puzzle, are explored in a version of the model that nests the work of Mehra and Prescott (1985).
  • Asset pricing ; Liquidity (Economics)
  • RePEc:fip:fedmsr:373
Language
  • English
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