1 论文标题
Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality
2 作者信息
Veronica Guerrieri, Robert Shimer
3 出处和链接（比如，NBER working paper No.11000）
NBER Working Paper No. 17876
Issued in March 2012

4 摘要

We develop a dynamic equilibrium model of asset markets affected by adverse selection. There exists a unique equilibrium where better assets trade at higher prices but in less liquid markets. Sellers of high-quality assets can separate because they are more willing to accept a lower trading probability. As a result, the emergence of adverse selection generates a drop in liquidity. It may also lead to a decline in the price-dividend ratio—a fire sale—and a flight to quality. Subsidies to purchasing assets may be Pareto improving and can reverse the fire sale and flight to quality.

全文：http://www.nber.org/papers/w17876.pdf