NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Runs versus Lemons: Information Disclosure and Fiscal Capacity

Miguel Faria-e-Castro, Joseba Martinez, Thomas Philippon

NBER Working Paper No. 21201
Issued in May 2015, Revised in July 2016

---- Acknowledgments ----

We thank Andres Almazan, Willie Fuchs, Guido Lorenzoni, Alp Simsek, Harald Uhlig and Wei Xiong, as well as participants in seminars at MIT, NYU, Minneapolis Fed, Stanford, UT-Austin, the NBER Summer Institute, the Wharton Conference on Liquidity and Financial Crises, the AEA Annual Meeting 2015, the 11th Cowles Conference on General Equilibrium and its Applications, and the Nemmers Prize Conference on Liquidity, Bubbles and Crises in honor of Jean Tirole. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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