The New Economics of Liquidity and Financial Frictions
126 Pages Posted: 16 Jan 2015
Date Written: December 1, 2014
The New Economics of Liquidity and Financial Frictions is a book about a new branch of economics that is largely a synthesis of macro and finance. In many ways, it is a radical departure from the older, frictionless approach still prevalent in economic textbooks and most of academia. This book provides a new understanding and approach to asset pricing, risk measurement and management, central banking policy, and the overall working of today’s economy, including questions of financial stability.
Keywords: financial frictions, liquidity, systemic risk
JEL Classification: A12
Suggested Citation: Suggested Citation