Liquidity when it matters: QE and Tobin’s q

@inproceedings{Driffill2013LiquidityWI,
  title={Liquidity when it matters: QE and Tobin’s q},
  author={J. Driffill and Marcus H. Miller},
  year={2013}
}
The model of credit-constrained investors developed by Kiyotaki and Moore is used to analyse 'unconventional monetary policy' actions taken in the US and UK. We make two contributions. The first is expositional--to show that their model of a liquidity crisis can be represented as a two-equation dynamic system in K (the aggregate capital stock) and q (Tobin's q, the price of capital goods) with saddle-point dynamics. This allows for an intuitive, graphical exposition of the issues and results… Expand
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