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Capital-Markets
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Journal of Political Economy
2 Jun 2026
Illiquid Lemon Markets and the MacroeconomyAimé Bierdel · Andres Drenik · Juan Herreño · Pablo Ottonello
The paper develops a quantitative capital-accumulation model in which capital trades in illiquid markets with asymmetric information — sellers know the quality of their capital but buyers do not. It …