This paper examines how multidimensional private information by asset sellers affects market equilibrium. I find that when asset quality is the only source of private information, sellers with high-quality assets signal their quality to buyers through partial retention of assets if and only if...

Monetary models overwhelmingly feature a particular asset, "money", as the medium of exchange in an economy. However, the adoption of a medium of exchange is endogenous and subject to changes if conditions favor a different asset. We study the liquidity role of a real asset that is subject to...