gains from trades due to differences in technologies and endowments, and the terms of trade are determined through a simple … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

gains from trades due to differences in technologies and endowments, and the terms of trade are determined through a simple … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

gains from trades due to differences in technologies and endowments, and the terms of trade are determined through a simple … subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

of the asset to fraud, on the frequency of trade, and on the current and future prices of the asset. In equilibrium, the …

illiquid markets. A reduction in trading frictions leads to an increase in the dispersion of asset holdings and trade volume …. Transaction costs and intermediaries' incentives to make markets are nonmonotonic in trade frictions. With the entry of dealers …