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Autor:innen: 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Quaderni - Working Paper DSE No. 927
Verlag: 
Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE), Bologna
Zusammenfassung: 
This paper constructs a simple general equilibrium model to analyse the interactions between the financial and the real sector in an environment where liquidity holdings is an input of the credit/investment process. The supply of liquidity is constrained in that income pledgeability limits inside liquidity, and not all sovereign debt is safe/liquid. We pin down the determinants of liquidity/collateral premia and bond spreads, and with reference to the eurozone: (i) the implications of the ECB's policies on liquidity provision and credit, and (ii) the debt management policy that would increase welfare with no need for transfer payments.
JEL: 
E44
H63
G18
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Dokumentart: 
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