Aggregate Implications of Micro Asset Market Segmentation
---- Acknowledgements -----
We thank Andrew Atkeson, David Backus, Alexandre Dmitriev, Xavier Gabaix, Stijn Van Nieuwerburgh, Gianluca Violante and seminar participants at the ANU, FRB Richmond, FRB Philadelphia, NYU, Ohio State, Sydney, UNSW, UTS, Wharton, the LAEF UCSB conference on Financial Frictions and Segmented Asset Markets, the 2009 Australasian Macroeconomics Workshop, the 2009 Sydney-Melbourne Workshop on Macroeconomic Theory, and the 2007 and 2008 SED annual meetings for helpful comments and conversations. We particularly thank Amit Goyal and Turan Bali for sharing their data with us. Pierre-Olivier Weill gratefully acknowledges support from the National Science Foundation, grant SES-0922338. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.