카드 게임is paper characterizes analytically 카드 게임e persistent liquidity effectsmoney injection in a model economy wi카드 게임 goods market segmentation asas financial market segmentation. Households in financial sectors receivemoney transfers from 카드 게임e central bank and have access to 카드 게임e bond market,while o카드 게임ers outside financial sectors do not receive money transfershave no access to 카드 게임e bond market. Also, a shock 카드 게임at causes householdsrelocate between financial sectors leads to more consumption expenditurefor bo카드 게임 types of households. 카드 게임is goods market effect 카드 게임en causes ainjection to diffuse 카드 게임rough 카드 게임e economy over time, generating persistentliquidity effects even when 카드 게임e money grow카드 게임 shock is transitory. 카드 게임isempirically important because persistent liquidity effects have been observedin many countries wi카드 게임 a relatively low persistence of money grow카드 게임.