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SUMMARY:Adverse Selection\, Slow Moving Capital and Misallocation
DTSTART:20140523T103000
DTEND:20140523T120000
DTSTAMP:20260406T050617Z
UID:23f65d7b337f2100992693a53b64cd3e2dccfc7112478c660337bae7
CATEGORIES:Conferences - Seminars
DESCRIPTION:Brett GREEN (Berkeley Haas)\nAdverse selection is commonly use
 d to explain trade inefficiencies in many markets. In this paper\, we embe
 d an informational asymmetry into a decentralized economy with heterogeneo
 us capital and study its implications for aggregate dynamics in a general 
 equilibrium environment. We show that the information friction leads to sl
 ow moving capital and persistent misallocation of resources. The model can
  help explain why economies recover slowly\, even from shocks that do not 
 affect potential output. It also provides a micro-foundation for convex ad
 justment costs\, and a link between the underlying economic environment an
 d the magnitude of adjustment costs.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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