The DOI matches its Crossref record.
Liquidity, Business Cycles, and Monetary Policy
Open accessAbstract
The paper presents a model of a monetary economy where there are differences in liquidity across assets.Money circulates because it is more liquid than other assets, not because it has any special function.There is a spectrum of returns on assets, reflecting their differences in liquidity.The model is used, first, to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity; second, to examine what role government policy might have through open market operations that change the mix of assets held by the private sector.With its emphasis on liquidity rather than sticky prices, the model harks back to an earlier interpretation of Keynes (1936), following Tobin (1969).
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
A Unified Framework for Monetary Theory and Policy Analysis
(2005) · doi:10.1086/429804 · Cited by 1,527
Financial Factors in Economic Fluctuations
Christiano, L. J., Motto, R., & Rostagno, M. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1600166 · Cited by 687
Housing Collateral and Entrepreneurship
SCHMALZ, M. C., SRAER, D. A., & THESMAR, D. (2017) · The Journal of Finance · doi:10.1111/jofi.12468 · Cited by 371
Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes
Borio, C. E. V., & White, W. R. (2004) · SSRN Electronic Journal · doi:10.2139/ssrn.901387 · Cited by 368
MORAIS, B., PEYDRÓ, J., ROLDÁN‐PEÑA, J., & RUIZ‐ORTEGA, C. (2019) · The Journal of Finance · doi:10.1111/jofi.12735 · Cited by 265
Metadata
- Authors
- Kiyotaki, N., & Moore, J.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2019-12
- Volume
- 127
- Issue
- 6
- Pages
- 2926-2966
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2150679037
- Cited by
- 303
- References
- 0
- FWCI
- 48.48
- Type
- journal article
- Language
- en
- Open access
- hybrid
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Liquidity, Business Cycles, and Monetary Policy. https://app.cochat.ai/papers/10.1086/701891
- The paper
- Kiyotaki, N., & Moore, J. (2019). Liquidity, Business Cycles, and Monetary Policy. Journal of Political Economy. https://doi.org/10.1086/701891
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
