Arbeitspapier
An operational measure of liquidity
Economists' view of liquidity is askin to Supreme Court Justice Stewart's View of hard-core pornography: I shall not ... attempt further to define (it) .... But I know it when I see it. Embedding the process of selling an asset in a search environment enables us to provide an exact definition of liquidity: an asset's liquidity is the expected time until it is sold while pursuing an optimal (in the sense of maximization of expected discounted net proceeds) policy. Our analysis reveals that this definition is compatible with most other notions of liquidity and, in particular, with those of Keynes1 , impatience, the discount associated with a quick sale, and predictability.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge - Serie A ; No. 187
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
McCall, John J.
Lippman, Steven A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Konstanz, Fakultät für Wirtschaftswissenschaften und Statistik
- (wo)
-
Konstanz
- (wann)
-
1984
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- McCall, John J.
- Lippman, Steven A.
- Universität Konstanz, Fakultät für Wirtschaftswissenschaften und Statistik
Entstanden
- 1984
Ähnliche Objekte (12)
How to measure Corporate Bond Liquidity?
Liquidity
Does liquidity regulation impede the liquidity profile of collateral?
Did liquidity providers become liquidity seekers?
Liquidity at risk: Joint stress testing of solvency and liquidity
Liquidity needs and liquidity costs of an instant payment system
Liquidity constraints, risk premia, and themacroeconomic effects of liquidity shocks
Bank liquidity provision and Basel liquidity regulations
Measures of excess liquidity
Flighty liquidity
Liquidity hoarding
Liquidity derivatives
How to measure Corporate Bond Liquidity?
Liquidity
Does liquidity regulation impede the liquidity profile of collateral?
Did liquidity providers become liquidity seekers?
Liquidity at risk: Joint stress testing of solvency and liquidity
Liquidity needs and liquidity costs of an instant payment system
Liquidity constraints, risk premia, and themacroeconomic effects of liquidity shocks
Bank liquidity provision and Basel liquidity regulations
Measures of excess liquidity
Flighty liquidity
Liquidity hoarding
Liquidity derivatives
How to measure Corporate Bond Liquidity?
Liquidity
Does liquidity regulation impede the liquidity profile of collateral?
Did liquidity providers become liquidity seekers?
Liquidity at risk: Joint stress testing of solvency and liquidity
Liquidity needs and liquidity costs of an instant payment system
Liquidity constraints, risk premia, and themacroeconomic effects of liquidity shocks
Bank liquidity provision and Basel liquidity regulations
Measures of excess liquidity
Flighty liquidity
Liquidity hoarding