Intermediation as Rent Extraction
---- Acknowledgments ----
We thank our audiences at various seminars and conferences. We are especially grateful to Fernando Alvarez, Manuel Amador, Kenneth Burdett, Francesco Lippi, Paolo Martellini, Adrian Masters, Claudio Michelacci, Jesse Perla, Robert Shimer, and Randy Wright for their comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Maryam Farboodi ----
Maryam Farboodi has received financial support from Princeton University for this research. She has also received financial support from the Goldman Sachs Global Markets Institute to support other research during the past three years.