題目：Rational Expectations Equilibrium with Transaction Costs in Financial Markets
We obtain a closed-form solution to rational expectations equilibrium withtransaction costs in the framework of Grossman and Stiglitz (1980) [On theimpossibility of informationally efficient markets. American Economic Review70, 543-566]. Individual private information incorporated into prices is reduced due to suppressed trading activities by transaction costs. The equilibrium fraction of informed traders increases (decreases) with transaction costs when the costs are low (high). The informativeness of prices decreases with transaction costs.
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