Limited liability and asymmetric information between an investment bank and its lenders provide an incentive for a bank … competition is likely to suffer from the same type of information asymmetry which induced the private market failure and which …

matching function. One can easily choose a calibration to make the cyclical fluctuation in unemployment as large in the model … model as it is in the data. We show with a simple analytical calculation that in the standard job matching model, one cannot …

This paper demonstrates the way in which stock-flow matching with endogenous seller entry generates hot and cold spells …

a noisy information signal about their abilities. The incentives of the individuals to invest in education are …

portfolios to investors. We extend the signaling model for single sales of risky assets to portfolio sales. We identify … conditions under which signaling at the portfolio level dominates signaling at the single asset level. In particular, when banks … have better information about loan types on their books, and some commitment power to sales, can profit by pooling assets …