@article{Herzog2020,
  author    = {Herzog, Bodo},
  title     = {Modelling the interaction of liquidity to price dynamics},
  journal   = {Economics bulletin},
  volume    = {40},
  number    = {2},
  issn      = {1545-2921},
  url       = {http://www.accessecon.com/Pubs/EB/2020/Volume40/EB-20-V40-I2-P122.pdf},
  institution = {ESB Business School},
  pages     = {1420 -- 1430},
  year      = {2020},
  abstract  = {This paper studies the impact of financial liquidity on the macro-economy. We extend a classic macroeconomic modeland compute numerical simulations. The model confirms that persistently low inflation can occur despite a high degreeof financial liquidity due to a reallocation of cash, normal and risk-free bonds. In that regard, our model uncovers anexplanation of a flat Phillips curve. Overall, our approach contributes to a rather disregarded matter in macroeconomictheory.},
  language  = {en}
}