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Treasury Inconvenience Yields during the COVID-19 Crisis

Stefan Nagel,Zhaogang Song, Zhiguo He   Nov 07,2020

Working Paper No.00067-00

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe stress and illiquidity during the COVID-19 crisis,... Read More

Open Banking: Credit Market Competition When Borrowers Own the Data

Jing Huang,Jidong Zhou, Zhiguo He   Nov 24,2020

Working Paper No.00068-00

Open banking facilitates data sharing consented by customers who generate the data, with a regulatory goal of promoting competition between... Read More

Leverage Dynamics without Commitment

Peter DeMarzo , Zhiguo He   Nov 24,2020

Working Paper No.00069-00

We characterize equilibrium leverage dynamics in a tradeoff model when the firm can continuously adjust leverage and cannot commit to... Read More

The Insurance is the Lemon: Failing to Index Contracts

Benjamin Hebert , Barney Hartman-Glaser   Jan 08,2019

Working Paper No.00049-00

We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk... Read More

Liquidity Sentiments

Brett Green , Vladimir Asriyan William Fuchs   Mar 12,2019

Working Paper No.00034-03

We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents'... Read More

Published: American Economic Review, 2019, (), -

Pricing and Liquidity in Decentralized Asset Markets

Semih Uslu   Mar 27,2019

Working Paper No.00050-00

I develop a search-and-bargaining model of endogenous intermediation in over-the-counter markets. Unlike the existing work, my model allows for rich... Read More

Published: Econometrica, 2019, 87(6), 2079-2140

The Good, the Bad, and the Complex: Product Design with Imperfect Information

Dana Foarta, Vladimir Asriyan Victoria Vanasco   Nov 05,2019

Working Paper No.00053-00

We study the joint determination of product quality and complexity in a rational setting. We introduce a novel notion of... Read More

Published: AEJ-Micro, 2021, (), -

Aggregation and Design of Information in Markets with Adverse Selection

Brett Green , William Fuchs , Vladimir Asriyan   Nov 05,2019

Working Paper No.00032-01

How effectively does a decentralized marketplace aggregate information that is dispersed throughout the economy? We study this question in a... Read More

Published: Journal of Economic Theory, 2021, (), -

Collateral Booms and Information Depletion

Luc Laeven,Alberto Martin, Vladimir Asriyan   Nov 05,2019

Working Paper No.00054-00

We develop a new theory of information production during credit booms. Entrepreneurs need credit to undertake investment projects, some of... Read More

Published: Review of Economic Studies, 2021, (), -

Tragedy of Complexity

Martin Oehmke , Adam Zawadowski   Nov 18,2019

Working Paper No.00055-00

This paper presents an equilibrium theory of product complexity. Complex products generate higher potential value, but require more attention from... Read More