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Persistent link: https://www.econbiz.de/10003936854
This paper shows how badly a market economy may respond to a positive productivity shock in an environment with … productivity shock, the presence of enough bad type's forces the interest rate so high that it drives all entrepreneurs out of the …
Persistent link: https://www.econbiz.de/10011394477
This paper shows how badly a market economy may respond to a positive productivity shock in an environment with … productivity shock, the presence of enough bad type's forces the interest rate so high that it drives all entrepreneurs out of the …
Persistent link: https://www.econbiz.de/10012551433
n financial markets with asymmetric information about mean returns, borrowers with different default risks may pay the same rate of interest. If they do, the marginal borrower will have a high-risk, negative-value project. Under some conditions, technological change that increases each...
Persistent link: https://www.econbiz.de/10012562688
This paper shows how badly a market economy may respond to a positive productivity shock in an environment with … productivity shock, the presence of enough bad type's forces the interest rate so high that it drives all entrepreneurs out of the …
Persistent link: https://www.econbiz.de/10012976722
Persistent link: https://www.econbiz.de/10000549453
Persistent link: https://www.econbiz.de/10001770016
We study a model where some agents have private information about risky asset returns and trade to obtain capital gains, while others acquire the risky asset and hold it to maturity, forming expectations of returns based on market prices. We show that under such a structure, in addition to fully...
Persistent link: https://www.econbiz.de/10013055498
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