Informational Imperfections in the Capital Market and Macro-Economic Fluctuations
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This paper describes the role that informational imperfections in capital markets are likely to play in business cycles. It then developes a simple illustrative model of the impact of adverse selection in the equity market and the way in which this may lead to large fluctuations in the effective
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美国国家经济研究局创建时间：
1984-04-01
