Liquidity Preference as Behavior Towards Risk
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چکیده
منابع مشابه
Liquidity Preference as Behavior Towards Risk
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متن کاملMarkets Do Not Select For a Liquidity Preference as Behavior Towards Risk∗
Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asse...
متن کاملExcessive Liquidity Preference
Any recession by definition is associated with an excessive liquidity preference. An ex ante excess supply of goods and services, i.e. the demand for goods and services falling short of the base output at the base prices corresponding to that output, which is what a recession is, must be associated with an ex ante excess demand for money at that output and prices. This is simply Walras’ Law. Th...
متن کاملDepartment of Economics University of Copenhagen 02 - 18 Markets Do Not Select For a Liquidity Preference as Behavior Towards Risk Thorsten Hens
Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asse...
متن کاملLiquidity Preference and Information
This note explores the link between anticipated information and a preference for liquidity in investment choices. Given a subjective ordering of investment portfolios by their liquidity, we identify a sufficient condition under which the prospect of finer resolution of uncertainty creates a preference for more liquid positions. We then show how this condition might arise naturally in some stand...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 1958
ISSN: 0034-6527
DOI: 10.2307/2296205