PREFERÊNCIA PELA LIQUIDEZ E ESCOLHA DE PORTFOLIO ESTABELECENDO OS MICRO FUNDAMENTOS E NÃO-NEUTRALIDADE DA MOEDA NO LONGO PRAZO

Abstract

This article presents a formal model of portfolio selection inspired in the chapter 17 of Keynes's General Theory in order to show that monetary policy can be non-neutral in the long-run if agents desire to hold liquid assets in their portfolios. In this case, if monetary authorities do open market operations with the purpose of increase the stock of liquid assets in the economy, then the spot price of capital goods will increase. Since firm's investment decisions depends on the comparasion between spot and forward price of this kind of assets; such increase will induce more investment, resulting in an increase of long run equilibrium capital stock of the economy.