Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity

Venky Venkateswaran, Randall Wright

NBER Working Paper No. 19009
Issued in May 2013

---- Acknowledgments ----

We thank Guido Menzio, Guillaume Rocheteau, Neil Wallace, Yu Zhu and Chao He for their input, as well as participants in seminars or conference presentaions at Wisconsin, Columbia, USC, the 2012 SED Meetings in Cyprus, and the 2012 FRB Chicago Conference on Money, Banking and Payments. Wright thanks the National Science Foundation and the Ray Zemon Chair in Liquid Assets at the Wisconsin School of Business for research support. We also thank the Toulouse School of Economics, where we began this project, for their hospitality. The usual disclaimers apply. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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