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The Demand of liquid assets with uncertain lumpy expenditures

Alvarez, Fernando and Lippi, Francesco (2013) The Demand of liquid assets with uncertain lumpy expenditures. Journal of monetary economics, Vol. 60 (7), p. 753-770. ISSN 0304-3932. eISSN 1873-1295. Article.

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DOI: 10.1016/j.jmoneco.2013.05.008

Abstract

We consider an inventory model for a liquid asset where the per-period net expenditures have two components: one that is frequent and small and another that is infrequent and large. We give a theoretical characterization of the optimal management of liquid asset as well as of the implied observable statistics. We use our characterization to interpret some aspects of households' currency management in Austria, as well as the management of demand deposits by a large sample of Italian investors.

Item Type:Article
ID Code:9887
Status:Published
Refereed:Yes
Uncontrolled Keywords:Money demand, liquid assets, lumpy purchases, inventory theory
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01-a Nuovi Dipartimenti dal 2012 > Scienze economiche e aziendali
Publisher:Elsevier
ISSN:0304-3932
eISSN:1873-1295
Deposited On:19 Jun 2014 10:09

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