The New Economics of Liquidity and Financial Frictions

126 Pages Posted: 16 Jan 2015

Date Written: December 1, 2014

Abstract

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

Adler, David, The New Economics of Liquidity and Financial Frictions (December 1, 2014). CFA Institute Research Foundation Working Paper No. 3. Available at SSRN: https://ssrn.com/abstract=2549890

David Adler (Contact Author)

CFA Institute ( email )

915 East High Street
Charlottesville, VA 22902
United States

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