Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality
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We develop a dynamic equilibrium model of asset markets affected by adverse selection. There exists a unique equilibrium where better assets trade at higher prices but in less liquid markets. Sellers of high-quality assets can separate because they are more willing to accept a lower trading
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美国国家经济研究局创建时间：
2012-03-01
