Semyon Malamud

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We propose a parsimonious model of over-the-counter trading with asymmetric information to rationalize the existence of intermediation chains that stand between buyers and sellers of assets. Trading an asset through several heterogeneously informed intermediaries can preserve the efficiency of trade by reallocating an information asymmetry over many(More)
We study the implications of credit market frictions for the dynamics of corporate capital structure and the risk of default of corporations. To do so, we develop a dynamic capital structure model in which firms face uncertainty regarding their ability to raise funds in credit markets and have to search for investors when seeking to adjust their capital(More)
  • Nataliya Klimenko, Sebastian Pfeil, Jean-Charles Rochet, Gianni De, Nicolò, Manuel Arellano +30 others
  • 2015
Preliminary, please do not circulate Abstract We develop a tractable dynamic model explaining the impact of aggregate bank capital on the uctuations of lending and output. In our model commercial banks nance their loans by deposits and equity, while facing issuance costs when they raise new equity. Because of this nancial friction, banks build equity buers(More)
We calculate learning rates when agents are informed through both public and private observation of other agents' actions. We provide an explicit solution for the evolution of the distribution of posterior beliefs. When the private learning channel is present, we show that convergence of the distribution of beliefs to the perfect-information limit is(More)
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