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- W3123634985 abstract "Recessions appear to be times when markets function less efficiently. This phenomenon has been the domain of theories that rely on changes in preferences (demand shocks) or constraints on price-setting (sticky prices). In our simple model of decentralized trade with asymmetric information, income dispersion measures uncertainty about buyer characteristics. Counter-cyclical income dispersion makes the asymmetric information friction stronger in recessions: optimal prices rise and trade volume falls. Unlike preference changes or price-setting constraints, income dispersion is observable. Using income dispersion estimates to quantify the model's effect, we find that model prices, sales and markups have properties similar to business cycle data." @default.
- W3123634985 created "2021-02-01" @default.
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- W3123634985 date "2006-12-03" @default.
- W3123634985 modified "2023-09-27" @default.
- W3123634985 title "Income dispersion, asymmetric information and fluctuations in market efficiency" @default.
- W3123634985 hasPublicationYear "2006" @default.
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