140 Citations
Search-based Endogenous Asset Liquidity and the Macroeconomy
- EconomicsJournal of the European Economic Association
- 2019
We develop a search-theory of asset liquidity which gives rise to endogenous financing constraints on investment in an otherwise standard dynamic general equilibrium model. Asset liquidity…
Search Frictions, Credit Market Liquidity and Net Interest Margin Cyclicality
- Economics
- 2015
This paper contributes to the body of knowledge on search frictions in credit markets by demonstrating their ability to explain why the net interest margins of banks behave countercyclically. During…
Matching Frictions, Credit Reallocation and Macroeconomic Activity: How Harmful are Financial Crises?
- Economics
- 2018
This paper develops a macroeconomic model of real-financial market interactions in which the credit and the business cycles reinforce each other according to a bidirectional causal relationship. We…
Uncertainty Shocks and Firm Dynamics: Search and Monitoring in the Credit Market
- EconomicsSSRN Electronic Journal
- 2017
We develop a business cycle model with gross flows of firm creation and destruction.The credit market is characterized by two frictions. First,entrepreneurs undergo a costly search for intermediate…
International Propagation of Financial Shocks in a Search and Matching Environment
- EconomicsSSRN Electronic Journal
- 2016
This paper develops a two-country model in which transmission of financial shocks arises despite a flexible exchange rate regime and substitutable financial assets, contrary to the open-economy…
Search-Based Endogenous Illiquidity, Business Cycles and Monetary Policy
- Economics
- 2013
Illiquid secondary asset markets have adverse effects on firms' funding conditions and investment decisions. Yet, the micro-foundations of asset liquidity and the impact on aggregate business cycle,…
Uncertainty shocks and firm creation: Search and monitoring in the credit market
- EconomicsJournal of Economic Dynamics and Control
- 2019
Financial Intermediation, Empire-Building, and Restructuring
- Economics
- 2004
This paper explains aggregate output and productivity in terms of …nancial managers' incentives to direct capital ‡ows towards productive investments. Managers exert screening eort to identify new…
Search-Based Endogenous Asset Liquidity and the Macroeconomy
- Economics
- 2014
We endogenize asset liquidity in a dynamic general equilibrium model with search frictions on asset markets. In the model, asset liquidity is tantamount to the ease of issuance and resaleability of…
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