Endogenous Liquidity and Capital Reallocation
研究了企业在初级市场获得资本后，因生产率冲击在存在搜索、议价和流动性摩擦的二级市场转售资本的经济体，区分了全部或部分销售，并记录了这些变量与通胀衡量的流动性成本之间的长期和短期经验模式。
This paper studies economies where firms acquire capital in primary markets and then, after idiosyncratic productivity shocks, retrade it in secondary markets that incorporate bilateral trade with search, bargaining, and liquidity frictions. We distinguish between full or partial sales (one firm gets all or some of the other's capital) and document several long- and short-run empirical patterns between these variables and the cost of liquidity, as measured by inflation. Quantitatively, the model can match these patterns plus the standard business cycle facts. We also investigate the impact of search frictions, monetary and fiscal policy, persistence in shocks, and returns to scale.