Liquidity and the Threat of Fraudulent Assets
NBER Working Paper No. 17500
---- Acknowledgements -----
A previous version of this paper was circulated under the title "Liquidity Constraints." We thank two anonymous referees and Rob Shimer for comments that greatly improved the paper. We also thank Veronica Guerrieri for an insightful discussion, Andy Atkeson, Bill Branch, Dean Corbae, Harold Demsetz, Manolis Galenianos, Hugo Hopenhayn, Thomas Philippon, Shouyong Shi, and seminar participants at the Bank of Canada, the Federal Reserve Bank of Chicago, the Federal Reserve Bank of Cleveland, the National University of Seoul, the National Taiwan University, the Singapore Management University, the University of California at Riverside and Santa Cruz, the University of Wisconsin, and the Wharton school at the University of Pennsylvania for useful comments. We thank Monica Crabtree-Reusser for editorial assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.