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econ.TH2026
The Privacy Externality of Disclosing Correlated Data
Rui Sun
A firm that discloses data about one customer moves a downstream seller's belief about every correlated customer, pricing third parties it never transacts with. This privacy extern…
econ.TH2026
The Screening Cost of Liquidity
Rui Sun
A principal with cheap capital optimally forces her counterparty to borrow at above-market rates. The reason: the form of finance is a screening device. Advances provide liquidity…
econ.TH2026
Risk Capacity and Optimal Monetary Policy
Rui Sun
We characterize optimal monetary policy when policy endogenously moves risk premia through redistribution across agents who differ in their willingness to bear risk. The analytical…