NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Decentralized Trading with Private Information

Mikhail Golosov, Guido Lorenzoni, Aleh Tsyvinski

NBER Working Paper No. 15513
Issued in November 2009

---- Acknowledgements -----

We thank Daron Acemoglu, Fernando Alvarez, Manuel Amador, Abhijit Banerjee, Gadi Barlevy, V.V. Chari, Darrell Duffie, Georgy Egorov, John Geanakoplos, Veronica Guerrieri, Patrick Kehoe, Lasse Pedersen, Dimitri Vayanos, Pierre Olivier Weill, Asher Wolinsky, Pierre Yared and seminar audiences at various universities and conferences for useful comments. We are grateful to our discussants Markus Brunnermeier and Nikolae Garleanu for useful comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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