“Liquidity, Business Cycles, and Monetary Policy” available for download

We’re thrilled to announce that the highly anticipated paper from MacCaLM researcher Nobuhiro Kiyotaki and the MacCaLM Principle Investigator, John Moore, has been published in the Journal of Political Economy and is now available for download.

The paper presents a model of a monetary economy where there are differences in liquidity across assets. The aim is to study how aggregate activity and asset prices fluctuate with socks to productivity and liquidity and examine what role government policy might have through open-market operations that change the mix of assets held by the provide sector.

Professor Nobuhiro Kiyotaki recently visited MacCaLM HQ at the University of Edinburgh to present his paper Intangibles, Inequality and Stagnation and receive the Doctor of Science Honorary Degree for his astonishing contribution to the field of economics.

Read our profile on Professor Kiyotaki here.

You can read the whole paper here.