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How effectively does a decentralized marketplace aggregate information that is dispersed throughout the economy? We study this question in a dynamic setting where sellers have private information that is correlated with an unobservable aggregate state. In any equilibrium, each seller's trading...
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We develop a new theory of information production during credit booms. In our model, entrepreneurs need credit to …
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We develop a new theory of information production during credit booms. In our model, entrepreneurs need credit to …
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