Turnover Liquidity and the Transmission of Monetary Policy
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.
Document Object Identifier (DOI): 10.3386/w25106
Published: Ricardo Lagos & Shengxing Zhang, 2020. "Turnover Liquidity and the Transmission of Monetary Policy," American Economic Review, vol 110(6), pages 1635-1672. citation courtesy of