Browsing Open Research by Author "Xiao, SX"
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Frictional Capital Reallocation I: Ex Ante Heterogeneity
Wright, R; Xiao, SX; Zhu, Y (Elsevier, 2018)We study dynamic general equilibrium models where capital is traded in frictional markets featuring liquidity considerations. Gains from trade arise from ex ante heterogeneity: some firms are better at investment, so they ...