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 …

This project studies economies with markets for capital reallocation, where gains from trade
are driven by firm-specific productivity shocks, but are hindered by search frictions and …

We study economies where firms acquire capital in primary markets, then, after information
on idiosyncratic productivity arrives, retrade it in secondary markets. Our secondary markets …

This paper studies economies where firms acquire capital in primary markets, then, after
idiosyncratic productivity shocks, retrade it in secondary markets incorporating bilateral trade …

When at least some transactions are anonymous and there is missing a publicly available
record keeping device, individuals who sell goods cannot force buyers to payback the debt …

Firms and other organizations are typically modeled in economics as a function that
combines some set of inputs to produce desired output. Such organizations, in the real …

We study the market valuation of physical capital and the frictions associated with its trading.
Using a unique dataset on a panel of nonresidential structures listed for trade, we document …

This paper builds a micro-founded model featuring frictional asset market and frictional
capital market, to address the interaction between firms' portfolio choices and capital …