| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29210 |
| 来源ID | Working Paper 29210 |
| Market Freezes | |
| Chao Gu; Guido Menzio; Randall Wright; Yu Zhu | |
| 发表日期 | 2021-09-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | During the financial crisis apparently centralized markets continued to function while trade in OTC markets froze. We use search-and-bargaining theory to ascertain conditions that allow trade to temporarily freeze in decentralized markets, focusing on the roles of liquidity and self-fulfilling prophecies. We show standard models can have recurrent, belief-driven hot and cold spells, but not freezes and thaws. A simple specification that has freezes assumes negative returns. A more realistic one incorporates information frictions (costly asset-quality verification). Another uses different frictions to get credit freezes. We also discuss policy implications, and go into detail on the nature of OTC markets. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w29210 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586883 |
| 推荐引用方式 GB/T 7714 | Chao Gu,Guido Menzio,Randall Wright,et al. Market Freezes. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29210.pdf（472KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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