This paper reviews and extends recent research on liquidity and asset pricing. We start by asking how can intrinsically-worthless fiat money be valued in equilibrium? The literature on which we build formalizes how money is valued for its liquidity when exchange is hindered by various frictions. Once one sees how money can be priced above its fundamental value, it is clear that many other assets can be, too, if they also convey liquidity. We study under which conditions money can be valued if assets have fundamental value, how the liquidity values of money and assets interact, and how they are affected by changes in parameters such as acceptability, pledgeability, or the type of the asset.

本文回顾并扩展了有关流动性和资产定价的最新研究。我们首先问如何在平衡中对内在价值不菲的法定货币进行估值？我们建立的文献正式化了当各种摩擦阻碍货币兑换时，如何根据货币的流动性对货币进行估价。一旦人们看到了如何以高于其基本价值的价格定价，很显然，如果许多其他资产也能够传达流动性，那么它们也可以是。我们研究如果资产具有基本价值，那么在什么条件下可以对货币进行估值，货币和资产的流动性价值如何相互作用以及它们如何受诸如可接受性，质押性或资产类型等参数变化的影响。