The purpose of this paper is study the effect of monetary policy on asset prices. We study the properties of a monetary model in which a real asset is valued for its rate of return and for its… (More)
The purpose of this paper is to properly analyze the role of the value of collateral in a model of money, and its interaction with monetary policy in an environment with heterogeneous borrowing… (More)
This paper analyzes the role of money in asset markets characterized by search frictions. We develop a dynamic framework that brings together a model for illiquid financial assets à la Duffie,… (More)