Illiquid Lemon Markets and the Macroeconomy
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We study the macroeconomic implications of asymmetric information in capital markets. We build a quantitative capital-accumulation model in which capital is traded in illiquid markets, with sellers having more information about capital quality than buyers. Asymmetric information distorts the terms
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美国国家经济研究局创建时间：
2023-09-01
