Money and asset prices with uninsurable risks
We develop a model where the coexistence of money and a higher yielding asset is endogenously obtained when no restriction is placed on the use of either object as a medium of exchange. Due to the presence of uninsurable risks, agents have, in equilibrium, di⁄erent relative valuations of the asset t...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2012
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/2001 https://ink.library.smu.edu.sg/context/soe_research/article/3000/viewcontent/paper_money_asset_prices_pdf.pdf |
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| Institution: | Singapore Management University |
| Language: | English |