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Working Paper

Turnover Liquidity and the Transmission of Monetary Policy


Abstract: We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence.

Keywords: Asset prices; Liquidity; Monetary policy; Monetary transmission;

JEL Classification: D83; E52; G12;

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Bibliographic Information

Provider: Federal Reserve Bank of Minneapolis

Part of Series: Working Papers

Publication Date: 2016-05-03

Number: 734

Pages: 94 pages