preferences of future trading counter-parties causes randomness in future resale prices that we call liquidity risk. It is natural … to suppose that investors are asymmetrically informed about liquidity risk. Through a process of liquidity discovery …, trading volumes and prices reveal private information about future counter-party preferences. The liquidity discovery process …

payment, (ii) there is a shortage of liquidity that a central bank addresses through the extension of credit, (iii) money is …

bank run are generated. A "liquidity black hole" is the analogue of the run outcome in a bank run model. Short horizon … liquidity black hole comes into existence. Empirical implications include the sharp V-shaped pattern in prices around the time … of the liquidity black hole …

-trade durations at times of relatively uninformative market orders, which is consistent with liquidity traders concentrating their …

bank run are generated. A "liquidity black hole" is the analogue of the run outcome in a bank run model. Short horizon … liquidity black hole comes into existence. Empirical implications include the sharp V-shaped pattern in prices around the time … of the liquidity black hole …

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How … issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest … in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play …