Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity
This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.
Chapter in forthcoming NBER book NBER Macroeconomics Annual 2013, Volume 28, Jonathan Parker and Michael Woodford, editors
Commentary on this chapter:
Comment, V. V. Chari
Comment, Jean Tirole
This paper was revised on October 15, 2013