Speculation and Risk Sharing with New Financial Assets
NBER Working Paper No. 17506
---- Acknowledgements ----
I am grateful to Daron Acemoglu for numerous helpful comments. I also thank Malcolm Baker, Eduardo Davila, Bengt Holmstrom, Sam Kruger, Andrei Shleifer, Jeremy Stein, Muhamet Yildiz and the seminar participants at Central European University, Harvard University, MIT, Penn State University, University of Houston, University of Maryland, University of Wisconsin-Madison, Yale University for helpful comments. All remaining errors are mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.