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Benjamin R. Lester

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Mahyar Kargar & Benjamin Lester & David Lindsay & Shuo Liu & Pierre-Olivier Weill & Diego Zúñiga, 2020. "Corporate Bond Liquidity During the COVID-19 Crisis," NBER Working Papers 27355, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Open-end Funds vs. ETFs: Lessons from the COVID Stress Test
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2021-01-18 12:19:08

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Mahyar Kargar & Benjamin Lester & David Lindsay & Shuo Liu & Pierre-Olivier Weill & Diego Zúñiga, 2020. "Corporate Bond Liquidity During the COVID-19 Crisis," NBER Working Papers 27355, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Stock market

Working papers

  1. Mahyar Kargar & Benjamin Lester & Sébastien Plante & Pierre-Olivier Weill, 2025. "Sequential Search for Corporate Bonds," Working Papers 25-08, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Jan-Peter Siedlarek & Vladimir Yankov, 2025. "The Secondary Market for Syndicated Loans," Working Papers 25-10, Federal Reserve Bank of Cleveland.
    2. Gabor Pinter & Semih Uslu, 2022. "Comparing search and intermediation frictions across markets," Bank of England working papers 974, Bank of England.
    3. Stefan J. Huber & Chongho Kim & Edward M. Watts, 2024. "Earnings News and Over‐the‐Counter Markets," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 62(2), pages 701-735, May.
    4. DICKERSON, Alexander & NOZAWA, Yoshio & ROBOTTI, Cesare, 2025. "Factor Investing with Delays," Discussion Paper Series 771, Institute of Economic Research, Hitotsubashi University.
    5. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.
    6. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.

  2. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Fabienne Schneider, 2025. "On-the-run Premia, Settlement Fails, and Central Bank Access," Staff Working Papers 25-19, Bank of Canada.
    2. Xian Wu, 2025. "Trading Graph Neural Network," Papers 2504.07923, arXiv.org.
    3. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.

  3. Benjamin Lester & David A. Rivers & Giorgio Topa, 2021. "The Heterogeneous Impact of Referrals on Labor Market Outcomes," Staff Reports 987, Federal Reserve Bank of New York.

    Cited by:

    1. Goensch, Johannes & Gulyas, Andreas & Kospentaris, Ioannis, 2024. "Worker mobility and UI extensions," European Economic Review, Elsevier, vol. 162(C).
    2. Gürtzgen, Nicole & Pohlan, Laura, 2024. "Do employers learn more from referrals than from other recruitment channels?," Labour Economics, Elsevier, vol. 89(C).
    3. Moon, Ji-Woong, 2023. "Strategic referrals and on-the-job search equilibrium," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 135-151.

  4. Weill, Pierre-Olivier & Kargar, Mahyar & Lester, Benjamin & Lindsay, David & Liu, Shuo & Zúñiga, Diego, 2020. "Corporate Bond Liquidity During the COVID-19 Crisis," CEPR Discussion Papers 15231, C.E.P.R. Discussion Papers.

    Cited by:

    1. Lubos Pastor & M. Blair Vorsatz, 2020. "Mutual Fund Performance and Flows During the COVID-19 Crisis," Working Papers 2020-96, Becker Friedman Institute for Research In Economics.
    2. Jean-Sébastien Fontaine & Corey Garriott & Jesse Johal & Jessica Lee & Andreas Uthemann, 2021. "COVID-19 Crisis: Lessons Learned for Future Policy Research," Discussion Papers 2021-2, Bank of Canada.
    3. Carole Comerton-Forde & Billy Ford & Thierry Foucault & Simon Jurkatis, 2025. "Investors as a Liquidity Backstop in Corporate Bond Markets," Working Papers hal-05187235, HAL.
    4. Chung, Kee H. & Chuwonganant, Chairat, 2023. "COVID-19 pandemic and the stock market: Liquidity, price efficiency, and trading," Journal of Financial Markets, Elsevier, vol. 64(C).
    5. Jiang, Hao & Li, Yi & Sun, Zheng & Wang, Ashley, 2022. "Does mutual fund illiquidity introduce fragility into asset prices? Evidence from the corporate bond market," Journal of Financial Economics, Elsevier, vol. 143(1), pages 277-302.
    6. Apergis, Nicholas, 2024. "COVID-19 and US females’ portfolio decisions," International Review of Economics & Finance, Elsevier, vol. 95(C).
    7. Fatica, Serena & Panzica, Roberto, 2021. "Sustainable investing in times of crisis: evidence from bond holdings and the COVID-19 pandemic," JRC Working Papers in Economics and Finance 2021-07, Joint Research Centre, European Commission.
    8. Zaghini, Andrea, 2023. "Unconventional green," CFS Working Paper Series 710, Center for Financial Studies (CFS).
    9. Roy Havemann & Henk Janse van Vuuren & Daan Steenkamp & Rossouw van Jaarsveld, 2022. "The bond market impact of the South African Reserve Bank bond purchase programme," Working Papers 11024, South African Reserve Bank.
    10. Valentin Haddad & Alan Moreira & Tyler Muir, 2021. "When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response [Funding value adjustments]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5309-5351.
    11. Scheicher, Martin, 2023. "Intermediation in US and EU bond and swap markets: stylised facts, trends and impact of the coronavirus (COVID-19) crisis in March 2020," ESRB Occasional Paper Series 24, European Systemic Risk Board.
    12. Gabor Pinter & Chaojun Wang & Junyuan Zou, 2024. "Size Discount and Size Penalty: Trading Costs in Bond Markets," The Review of Financial Studies, Society for Financial Studies, vol. 37(7), pages 2156-2190.
    13. Nathan Foley-Fisher & Gary Gorton & Stéphane Verani, 2020. "Adverse Selection Dynamics in Privately-Produced Safe Debt Markets," Finance and Economics Discussion Series 2020-088, Board of Governors of the Federal Reserve System (U.S.).
    14. Boyarchenko, Nina & Kovner, Anna & Shachar, Or, 2020. "It’s what you say and what you buy: A holistic evaluation of the Corporate Credit Facilities," CEPR Discussion Papers 15432, C.E.P.R. Discussion Papers.
    15. Gubareva, Mariya & Sokolova, Tatiana & Umar, Zaghum & Vo, Xuan Vinh, 2024. "Sukuk liquidity and creditworthiness during COVID-19," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 88-92.
    16. Hasan, Iftekhar & Politsidis, Panagiotis N. & Sharma, Zenu, 2021. "Global syndicated lending during the COVID-19 pandemic," MPRA Paper 106942, University Library of Munich, Germany.
    17. Ross Levine & Chen Lin & Mingzhu Tai & Wensi Xie, 2021. "How Did Depositors Respond to COVID-19? [A crisis of banks as liquidity providers]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5438-5473.
    18. Simone Letta & Pasquale Mirante, 2023. "Investigating the determinants of corporate bond credit spreads in the euro area," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 36, Bank of Italy, Directorate General for Markets and Payment System.
    19. Hao, Xiangchao & Sun, Qinru & Xie, Fang, 2022. "The COVID-19 pandemic, consumption and sovereign credit risk: Cross-country evidence," Economic Modelling, Elsevier, vol. 109(C).
    20. Branzoli, Nicola & Gallo, Raffaele & Ilari, Antonio & Portioli, Dario, 2024. "Central banks’ corporate asset purchase programmes and risk-taking by bond funds in the aftermath of market stress," Journal of Financial Stability, Elsevier, vol. 72(C).
    21. Mathur, Aakriti & Sengupta, Rajeswari & Pratap, Bhanu, 2024. "Equity market responses to surprise Covid-19 lockdowns: The role of pandemic-driven uncertainty," Journal of Asian Economics, Elsevier, vol. 91(C).
    22. Fauvrelle, Thiago & Riedel, Max & Skrutkowski, Mathias, 2024. "Collateral pledgeability and asset manager portfolio choices during redemption waves," SAFE Working Paper Series 417, Leibniz Institute for Financial Research SAFE.
    23. Liao Xu & Jilong Chen & Hao Xu, 2023. "Market sentiment to COVID‐19 and the Chinese stock market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1121-1135, April.
    24. Wang, Qiyu & Yang, Junhong & Chong, Terence Tai-Leung, 2025. "Creditable bonds’ multifunctional roles during the COVID-19 pandemic," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
    25. Dutordoir, Marie & Shemesh, Joshua & Veld, Chris & Wang, Qing, 2024. "Can existing corporate finance theories explain security offerings during the COVID-19 pandemic?," Journal of Empirical Finance, Elsevier, vol. 79(C).
    26. Chiappini, Raphaël & Groslambert, Bertrand & Bruno, Olivier, 2024. "A method to measure bank output while excluding credit risk and retaining liquidity effects," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 167-179.
    27. Allaire, Nolwenn & Breckenfelder, Johannes & Hoerova, Marie, 2023. "Fund fragility: the role of investor base," Working Paper Series 2874, European Central Bank.
    28. Ferragina, Anna Maria & Iandolo, Stefano, 2022. "Reacting to the economic fallout of the COVID-19: Evidence on debt exposure and asset management of Italian firms," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 530-547.
    29. Gabor Pinter & Semih Uslu, 2022. "Comparing search and intermediation frictions across markets," Bank of England working papers 974, Bank of England.
    30. Dunne, Peter G. & Emter, Lorenz & Fecht, Falko & Giuliana, Raffaele & Peia, Oana, 2024. "Financial fragility in open-ended mutual funds: The role of liquidity management tools," Discussion Papers 36/2024, Deutsche Bundesbank.
    31. Zhou, Wenyu & Zhou, Yujun & Zaremba, Adam & Long, Huaigang, 2024. "Stock market reactions under the shadow of the COVID-19 pandemic: Evidence from China," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
    32. Jordan Barone & Alain P. Chaboud & Adam Copeland & Cullen Kavoussi & Frank M. Keane & Seth Searls, 2022. "The Global Dash for Cash: Why Sovereign Bond Market Functioning Varied across Jurisdictions in March 2020," Staff Reports 1010, Federal Reserve Bank of New York.
    33. Cohen, Lior & Furman, Itai, 2024. "The impact of the ECB's PEPP project on the COVID-19-Induced crisis in the corporate bond market," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 235.
    34. Choi, Dong Beom & Yorulmazer, Tanju, 2024. "Whatever it takes? Market maker of last resort and its fragility," Journal of Financial Intermediation, Elsevier, vol. 60(C).
    35. Haimann, Michael & Kaserer, Christoph & Ljubicic, Kristian, 2023. "Cui bono? Large-scale evidence on the impact of COVID-19 policy measures on listed firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 228-243.
    36. Ari Kutai & Daniel Nathan & Milena Wittwer, 2024. "Exchanges for government bonds? Evidence during COVID-19," Bank of Israel Working Papers 2024.03, Bank of Israel.
    37. Thomas M. Eisenbach & Gregory Phelan, 2023. "Fragility of Safe Assets," Working Papers 23-02, Office of Financial Research, US Department of the Treasury.
    38. Goldstein, Michael A. & Namin, Elmira Shekari, 2023. "Corporate bond liquidity and yield spreads: A review," Research in International Business and Finance, Elsevier, vol. 65(C).
    39. Dariia Vasylieva, 2021. "Corporate Bond Markets In Eastern Europe: Trends And Prospects," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 7(1).
    40. Imdade Chitou & Gilles Dufrénot & Julien Esposito, 2021. "Linking Covid-19 epidemic and emerging market OAS: Evidence using dynamic copulas and Pareto distributions," AMSE Working Papers 2138, Aix-Marseille School of Economics, France.
    41. Valentin Haddad & Alan Moreira & Tyler Muir, 2020. "When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response," NBER Working Papers 27168, National Bureau of Economic Research, Inc.
    42. David Cimon & Adrian Walton, 2022. "Central Bank Liquidity Facilities and Market Making," Staff Working Papers 22-9, Bank of Canada.
    43. Telg, Sean & Dubinova, Anna & Lucas, Andre, 2023. "Covid-19, credit risk management modeling, and government support," Journal of Banking & Finance, Elsevier, vol. 147(C).
    44. Szymczyk Łukasz & Van Horne Richard & Perez Katarzyna, 2022. "Modeling Distress in US High Yield Mutual Funds Before and During the Covid-19 Pandemic," Folia Oeconomica Stetinensia, Sciendo, vol. 22(1), pages 263-286, June.
    45. Sirio Aramonte, 2025. "The case for supporting liquidity supply in (some corners of) non-bank intermediation," International Finance Discussion Papers 1425, Board of Governors of the Federal Reserve System (U.S.).
    46. Duncan, Elizabeth & Horvath, Akos & Iercosan, Diana & Loudis, Bert & Maddrey, Alice & Martinez, Francis & Mooney, Timothy & Ranish, Ben & Wang, Ke & Warusawitharana, Missaka & Wix, Carlo, 2022. "COVID-19 as a stress test: Assessing the bank regulatory framework," Journal of Financial Stability, Elsevier, vol. 61(C).
    47. Kanamura, Takashi, 2025. "Stochastic behavior of green bond premiums," International Review of Financial Analysis, Elsevier, vol. 97(C).
    48. Zhiguo He & Stefan Nagel & Zhaogang Song, 2020. "Treasury Inconvenience Yields during the COVID-19 Crisis," Working Papers 2020-79, Becker Friedman Institute for Research In Economics.
    49. Jiakai Chen & Haoyang Liu & Asani Sarkar & Zhaogang Song, 2020. "Dealers and the Dealer of Last Resort: Evidence from the Agency MBS Markets in the COVID-19 Crisis," Staff Reports 933, Federal Reserve Bank of New York.
    50. Zakrajsek, Egon & Gilchrist, Simon & Wei, Bin & Yue, Vivian, 2020. "The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF," CEPR Discussion Papers 15258, C.E.P.R. Discussion Papers.
    51. Mahyar Kargar & Benjamin Lester & Sébastien Plante & Pierre-Olivier Weill, 2025. "Sequential Search for Corporate Bonds," Working Papers 25-08, Federal Reserve Bank of Philadelphia.
    52. Antonio Falato & Itay Goldstein & Ali Hortaçsu, 2020. "Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets," NBER Working Papers 27559, National Bureau of Economic Research, Inc.
    53. Huixin Bi & W. Blake Marsh, 2020. "Flight to Liquidity or Safety? Recent Evidence from the Municipal Bond Market," Research Working Paper RWP 20-19, Federal Reserve Bank of Kansas City.
    54. Salokhiddin Avazkhodjaev & Nont Dhiensiri & Farkhod Mukhamedov, 2024. "Does Green Energy Investment Effects on Islamic and Conventional Stock Markets? New Evidence from Advanced Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 14(1), pages 592-602, January.
    55. Mathias S. Kruttli & Phillip J. Monin & Lubomir Petrasek & Sumudu W. Watugala, 2021. "Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis," Finance and Economics Discussion Series 2021-038, Board of Governors of the Federal Reserve System (U.S.).
    56. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2021. "Government responses, business continuity, and management sentiment: Impact on debt financing during COVID-19," IIMA Working Papers WP 2021-04-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    57. Baviera, Roberto & Nassigh, Aldo & Nastasi, Emanuele, 2021. "A closed formula for illiquid corporate bonds and an application to the European market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 71(C).
    58. Doran, David & Galstyan, Vahagn, 2024. "COVID-19 and redemptions from Irish-resident bond funds," Journal of International Money and Finance, Elsevier, vol. 149(C).
    59. Hendershott, Terrence & Li, Dan & Livdan, Dmitry & Schürhoff, Norman, 2024. "When failure is an option: Fragile liquidity in over-the-counter markets," Journal of Financial Economics, Elsevier, vol. 157(C).
    60. Yao Xiao & Zibing Dong & Shihua Huang & Yanshuang Li & Jian Wang & Xintian Zhuang & Stefan Cristian Gherghina, 2023. "Time-Frequency Volatility Spillovers among Major International Financial Markets: Perspective from Global Extreme Events," Discrete Dynamics in Nature and Society, Hindawi, vol. 2023, pages 1-20, May.
    61. Corradin, Stefano & Schwaab, Bernd, 2023. "Euro area sovereign bond risk premia before and during the Covid-19 pandemic," European Economic Review, Elsevier, vol. 153(C).
    62. Thiago Fauvrelle & Mathias Skrutkowski, 2023. "Collateral pledgeability and asset manager portfolio choices during redemption waves," Working Papers 58, European Stability Mechanism, revised 12 Dec 2023.
    63. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    64. Ye, Yanyi & Wang, Hongping & Tian, Kailan & Li, Meng, 2024. "Supply chain risks and the cost of debt: Evidence from the COVID-19 pandemic," Research in International Business and Finance, Elsevier, vol. 70(PB).
    65. Rehman, Obaid Ur & Wu, Kai & Liu, Jia, 2024. "COVID-19 exposure, financial flexibility, and corporate leverage adjustment," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    66. Thomas M. Eisenbach & Gregory Phelan, 2022. "Fragility of Safe Asset Markets," Staff Reports 1026, Federal Reserve Bank of New York.
    67. Almaghrabi, Khadija S., 2022. "COVID-19 and the cost of bond debt: The role of corporate diversification," Finance Research Letters, Elsevier, vol. 46(PB).
    68. Yildirim Beyazit Cicen, 2025. "Economic vulnerability amidst contagion: analyzing unemployment via Covid-19-induced transaction costs," Evolutionary and Institutional Economics Review, Springer, vol. 22(1), pages 1-17, April.
    69. Abudy, Menachem (Meni) & Shust, Efrat, 2023. "Does market design contribute to market stability? Indications from a corporate bond exchange during the COVID-19 crisis," Journal of Economics and Business, Elsevier, vol. 123(C).
    70. Umar, Zaghum & Manel, Youssef & Riaz, Yasir & Gubareva, Mariya, 2021. "Return and volatility transmission between emerging markets and US debt throughout the pandemic crisis," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    71. Cesa-Bianchi, Ambrogio & Czech, Robert & Eguren Martin, Fernando, 2021. "Dash for Dollars," CEPR Discussion Papers 16415, C.E.P.R. Discussion Papers.
    72. Dekker, Lennart, 2024. "Essays on asset liquidity and investment funds," Other publications TiSEM 5fc9bf77-84e7-4a36-9e3a-1, Tilburg University, School of Economics and Management.
    73. Mahdi Ebsim & Miguel Faria-e-Castro & Julian Kozlowski, 2025. "When Liquidity Matters: Firm Balance Sheets during Large Crises," Working Papers 2025-019, Federal Reserve Bank of St. Louis, revised 14 Aug 2025.
    74. Acharya, Viral V. & Plantin, Guillaume & Reggiani, Pietro & Yao, Iris, 2024. "Monetary easing, lack of investment and financial instability," Journal of Financial Intermediation, Elsevier, vol. 59(C).
    75. Qian, Xianhang & Qiu, Shanyun & Zhang, Guangli, 2021. "The impact of COVID-19 on housing price: Evidence from China," Finance Research Letters, Elsevier, vol. 43(C).
    76. Liang Ma, 2024. "What drives closed‐end fund discounts? Evidence from COVID‐19," Financial Management, Financial Management Association International, vol. 53(1), pages 119-143, March.
    77. O'Hara, Maureen & Zhou, Xing (Alex), 2021. "Anatomy of a liquidity crisis: Corporate bonds in the COVID-19 crisis," Journal of Financial Economics, Elsevier, vol. 142(1), pages 46-68.
    78. Álvaro H. Chaves Castro, 2021. "Análisis sobre la evolución del COVID-19 en Colombia: ¿se alcanzará el pico de contagio?," Tiempo y Economía, Universidad de Bogotá Jorge Tadeo Lozano, vol. 8(1), pages 123-160.
    79. Boyarchenko, Nina & Kovner, Anna & Shachar, Or, 2022. "It’s what you say and what you buy: A holistic evaluation of the corporate credit facilities," Journal of Financial Economics, Elsevier, vol. 144(3), pages 695-731.
    80. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.
    81. Xu, Hui & Pennacchi, George G., 2023. "Benchmarking the effects of the Fed's Secondary Market Corporate Credit Facility using Yankee bonds," Journal of Financial Markets, Elsevier, vol. 64(C).
    82. Roberto Vincenzi, 2025. "Voluntary disclosures and monetary policy: evidence from quantitative easing," Review of Accounting Studies, Springer, vol. 30(1), pages 650-701, March.
    83. Nozawa, Yoshio & Qiu, Yancheng, 2021. "Corporate bond market reactions to quantitative easing during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 133(C).
    84. Itay Goldstein & Ralph S J Koijen & Holger M Mueller, 2021. "COVID-19 and Its Impact on Financial Markets and the Real Economy [A model of endogenous risk intolerance and LSAPs: Asset prices and aggregate demand in a “COVID-19” shock]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5135-5148.
    85. Gubareva, Mariya, 2021. "The impact of Covid-19 on liquidity of emerging market bonds," Finance Research Letters, Elsevier, vol. 41(C).
    86. Darmouni, Olivier & Siani, Kerry Y., 2025. "Bond market stimulus: Firm-level evidence," Journal of Monetary Economics, Elsevier, vol. 151(C).
    87. Zhang, Ning & Zhang, Yue & Zong, Zhe, 2023. "Fund ESG performance and downside risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
    88. Asror Nigmonov & Syed Shams, 2021. "COVID-19 pandemic risk and probability of loan default: evidence from marketplace lending market," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-28, December.
    89. Neuhann, Daniel & Sockin, Michael, 2024. "Financial market concentration and misallocation," Journal of Financial Economics, Elsevier, vol. 159(C).
    90. Mariassunta Giannetti & Chotibhak Jotikasthira, 2024. "Bond Price Fragility and the Structure of the Mutual Fund Industry," The Review of Financial Studies, Society for Financial Studies, vol. 37(7), pages 2063-2109.
    91. Alin Marius Andries & Steven Ongena & Nicu Sprincean, 2020. "The COVID-19 Pandemic and Sovereign Bond Risk," Swiss Finance Institute Research Paper Series 20-42, Swiss Finance Institute.
    92. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.
    93. Hasan, Iftekhar & Politsidis, Panagiotis & Sharma, Zenu, 2020. "Bank lending during the COVID-19 pandemic," MPRA Paper 103565, University Library of Munich, Germany.
    94. Arif, Muhammad & Hasan, Mudassar & Alawi, Suha M. & Naeem, Muhammad Abubakr, 2021. "COVID-19 and time-frequency connectedness between green and conventional financial markets," Global Finance Journal, Elsevier, vol. 49(C).
    95. Mahdi Ebsim & Miguel Faria-e-Castro & Julian Kozlowski, 2020. "Credit and Liquidity Policies during Large Crises," Working Papers 2020-035, Federal Reserve Bank of St. Louis, revised 22 Feb 2024.
    96. Arnold, Grace E. & Rhodes, Meredith E., 2021. "Information sensitivity of corporate bonds: Evidence from the COVID-19 crisis," Finance Research Letters, Elsevier, vol. 42(C).
    97. Mariya Gubareva, 2021. "Covid-19 and high-yield emerging market bonds: insights for liquidity risk management," Risk Management, Palgrave Macmillan, vol. 23(3), pages 193-212, September.
    98. Chen, Xi & Wang, Junbo & Wu, Chunchi & Wu, Di, 2024. "Extreme illiquidity and cross-sectional corporate bond returns," Journal of Financial Markets, Elsevier, vol. 68(C).
    99. Gao, Haoyu & Li, Jinxuan & Wen, Huiyu, 2023. "Bank funding costs during the COVID-19 pandemic: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    100. Anderson, Christopher S. & McArthur, David C. & Wang, Ke, 2023. "Internal risk limits of dealers and corporate bond market making," Journal of Banking & Finance, Elsevier, vol. 147(C).
    101. Motto, Roberto & Özen, Kadir, 2022. "Market-stabilization QE," Working Paper Series 2640, European Central Bank.
    102. John M Griffin & Jordan Nickerson, 2023. "Are CLO Collateral and Tranche Ratings Disconnected?," The Review of Financial Studies, Society for Financial Studies, vol. 36(6), pages 2319-2360.
    103. Kuong, John Chi-Fong & O’Donovan, James & Zhang, Jinyuan, 2024. "Monetary policy and fragility in corporate bond mutual funds," Journal of Financial Economics, Elsevier, vol. 161(C).
    104. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    105. Valentina Cioli & Roberto Bianchini & Alessandro Giannozzi & Oliviero Roggi, 2024. "Does Greenium Exist? A Comparison between Sovereign and Corporate Bonds," International Journal of Business and Management, Canadian Center of Science and Education, vol. 19(6), pages 251-251, December.
    106. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2022. "COVID-19 pandemic and debt financing by firms: Unravelling the channels," Economic Modelling, Elsevier, vol. 114(C).
    107. Nicola Branzoli & Raffaele Gallo & Antonio Ilari & Dario Portioli, 2023. "Financial fragilities and risk-taking of corporate bond funds in the aftermath of central bank policy interventions," Temi di discussione (Economic working papers) 1404, Bank of Italy, Economic Research and International Relations Area.

  5. Benjamin Lester & David Rivers & Giorgio Topa, 2018. "Job Referrals and Skills," 2018 Meeting Papers 306, Society for Economic Dynamics.

    Cited by:

    1. Erin Wolcott, 2018. "Employment Inequality: Why Do the Low-Skilled Work Less Now?," 2018 Meeting Papers 487, Society for Economic Dynamics.

  6. Gara M. dup Afonso & Roc Armenter & Benjamin Lester, 2018. "A model of the federal funds market: yesterday, today, and tomorrow," Staff Reports 840, Federal Reserve Bank of New York.

    Cited by:

    1. Adam Copeland, 2019. "The Federal Funds Market over the 2007-09 Crisis," Staff Reports 901, Federal Reserve Bank of New York.
    2. Andreeva, Desislava & Samarina, Anna & Faria, Lara Sousa, 2025. "Leverage actually: the impact on banks’ borrowing costs in euro area money markets," Working Paper Series 3016, European Central Bank.
    3. Lucas Marc Fuhrer & Matthias Jüttner & Jan Wrampelmeyer & Matthias Zwicker, 2021. "Reserve tiering and the interbank market," Working Papers 2021-17, Swiss National Bank.
    4. Christopher J. Gust & Kyungmin Kim & Romina Ruprecht, 2023. "The Effects of CBDC on the Federal Reserve's Balance Sheet," Finance and Economics Discussion Series 2023-068, Board of Governors of the Federal Reserve System (U.S.).
    5. Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2023. "Monetary Policy Implementation with Ample Reserves," FRB Atlanta Working Paper 2023-10, Federal Reserve Bank of Atlanta.
    6. Eisenschmidt, Jens & Ma, Yiming & Zhang, Anthony Lee, 2022. "Monetary policy transmission in segmented markets," Working Paper Series 2706, European Central Bank.
    7. Gara Afonso & Marco Cipriani & Adam Copeland & Anna Kovner & Gabriele La Spada & Antoine Martin, 2021. "The Market Events of Mid-September 2019," Economic Policy Review, Federal Reserve Bank of New York, vol. 27(2), pages 1-26, August.
    8. Benjamin Lester & Pierre-Olivier Weill & Ariel Zetlin-Jones, 2019. "RED Special Issue on Fragmented Financial Markets: An Introduction," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 1-3, July.
    9. Weill, Pierre-Olivier, 2020. "The search theory of OTC markets," CEPR Discussion Papers 14847, C.E.P.R. Discussion Papers.
    10. Toshifumi Nakamura, 2020. "A simple model of interbank trading with tiered remuneration," Papers 2006.10946, arXiv.org.
    11. Edward T Kim & Marcelo Rezende, 2023. "Deposit Insurance Premiums and Bank Risk," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(2), pages 291-325.
    12. SHIRATSUKA, Shigenori, 2025. "Toward a Guidepost for Quantitative Tightening :The Case of the Bank of Japan," Discussion paper series HIAS-E-146, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    13. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.
    14. Di Xiao & Andreas Krause, 2023. "Balancing liquidity and returns through interbank markets: Endogenous interest rates and network structures," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 131-149, February.
    15. Gara Afonso & Domenico Giannone & Gabriele La Spada & John C. Williams, 2022. "Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve," Staff Reports 1019, Federal Reserve Bank of New York.
    16. James D. Hamilton, 2019. "Perspectives on U.S. Monetary Policy Tools and Instruments," NBER Working Papers 25911, National Bureau of Economic Research, Inc.
    17. Ding, Shuze & Lu, Dong & Puzzello, Daniela, 2025. "The impact of search frictions in experimental asset markets: Over-the-counter versus double auction," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    18. Lartey, Theophilus & James, Gregory A. & Danso, Albert & Boateng, Agyenim, 2023. "Interbank market structure, bank conduct, and performance: Evidence from the UK," Journal of Economic Behavior & Organization, Elsevier, vol. 210(C), pages 1-25.
    19. Toshifumi Nakamura, 2021. "A Simple Model of Interbank Trading with Tiered Remuneration," Applied Economics and Finance, Redfame publishing, vol. 8(1), pages 74-77, January.
    20. James A. Clouse & Sam Schulhofer-Wohl, 2018. "A Sequential Bargaining Model of the Fed Funds Market with Excess Reserves," Working Paper Series WP-2018-8, Federal Reserve Bank of Chicago.
    21. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    22. Joseph G. Haubrich, 2023. "Federal Reserve Balance-Sheet Policy in an Ample Reserves Framework: An Inventory Approach," Working Papers 23-25, Federal Reserve Bank of Cleveland.
    23. Kolozsi, Pál Péter & Horváth, Gábor, 2020. "Mennyit ér a likviditás?. A magyar bankrendszer likviditáskeresleti függvényének becslése [How much are reserves worth? Estimating interbank liquidity demand in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 113-139.

  7. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2018. "Market-making with Search and Information Frictions," Working Papers 18-20, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Gabor Pinter & Chaojun Wang & Junyuan Zou, 2024. "Size Discount and Size Penalty: Trading Costs in Bond Markets," The Review of Financial Studies, Society for Financial Studies, vol. 37(7), pages 2156-2190.
    2. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "An Information-based Theory of Financial Intermediation," 2019 Meeting Papers 403, Society for Economic Dynamics.
    3. Vladimir Asriyan & William Fuchs & Brett Green, 2017. "Aggregation and design of information in asset markets with adverse selection," Economics Working Papers 1573, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2019.
    4. Gábor Pintér & Chaojun Wang & Junyuan Zou, 2022. "Information chasing versus adverse selection," Bank of England working papers 971, Bank of England.
    5. Weill, Pierre-Olivier, 2020. "The search theory of OTC markets," CEPR Discussion Papers 14847, C.E.P.R. Discussion Papers.
    6. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2018. "Market-making with Search and Information Frictions," Working Papers 18-20, Federal Reserve Bank of Philadelphia.
    7. Marzena Rostek & Ji Hee Yoon, 2021. "Exchange Design and Efficiency," Econometrica, Econometric Society, vol. 89(6), pages 2887-2928, November.
    8. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.
    9. Geromichalos, Athanasios & Jung, Kuk Mo & Lee, Seungduck & Carlos, Dillon, 2021. "A model of endogenous direct and indirect asset liquidity," European Economic Review, Elsevier, vol. 132(C).

  8. Julien Hugonnier & Benjamin R. Lester & Pierre-Olivier Weill, 2018. "Frictional Intermediation in Over-the-Counter Markets," Swiss Finance Institute Research Paper Series 18-52, Swiss Finance Institute.

    Cited by:

    1. Weill, Pierre-Olivier & Hugonnier, Julien & Lester, Benjamin, 2020. "Heterogeneity in Decentralized Asset Markets," CEPR Discussion Papers 14274, C.E.P.R. Discussion Papers.
    2. Iraklis Kollias & John Leventides & Vassilios G. Papavassiliou, 2024. "On the solution of games with arbitrary payoffs: An application to an over‐the‐counter financial market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 1877-1895, April.
    3. Zachary Mahone, 2023. "Business Ownership and the Secondary Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 1114-1158, December.
    4. Chung-Yi Tse & Yujing Xu, 2021. "Inter-Dealer Trades in OTC Markets - Who Buys and Who Sells?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 220-257, January.
    5. Yu An & Zeyu Zheng, 2023. "Immediacy Provision and Matchmaking," Management Science, INFORMS, vol. 69(2), pages 1245-1263, February.
    6. Gabor Pinter & Semih Uslu, 2023. "Price formation in markets with trading delays," Bank of England working papers 1023, Bank of England.
    7. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "Asset Issuance in Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 4-29, July.
    8. Jean-Edouard Colliard & Gabrielle Demange, 2018. "Asset Dissemination Through Dealer Markets," Working Papers hal-01933843, HAL.
    9. Ed Nosal & Yuet-Yee Wong & Randall Wright, 2019. "Intermediation in Markets for Goods and Markets for Assets," FRB Atlanta Working Paper 2019-5, Federal Reserve Bank of Atlanta.
    10. Gabor Pinter & Semih Uslu, 2022. "Comparing search and intermediation frictions across markets," Bank of England working papers 974, Bank of England.
    11. Jaskowski, Marcin & Rettl, Daniel A., 2023. "Information acquisition costs and credit spreads," Journal of Banking & Finance, Elsevier, vol. 149(C).
    12. Shuo Liu, 2024. "Social Optimal Search Intensity in Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 53, pages 224-282, July.
    13. Mahyar Kargar & Benjamin Lester & Sébastien Plante & Pierre-Olivier Weill, 2025. "Sequential Search for Corporate Bonds," Working Papers 25-08, Federal Reserve Bank of Philadelphia.
    14. Balasubramaniam, Swaminathan & Gomes, Armando & Lee, SangMok, 2024. "Mergers and acquisitions with private equity intermediation," Journal of Corporate Finance, Elsevier, vol. 87(C).
    15. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
    16. Miroslav Gabrovski & Ioannis Kospentaris & Victor Ortego-Marti, 2024. "Endogenous Realtor Intermediation and Housing Market Liquidity," Working Papers 202410, University of California at Riverside, Department of Economics.
    17. Hendershott, Terrence & Li, Dan & Livdan, Dmitry & Schürhoff, Norman, 2024. "When failure is an option: Fragile liquidity in over-the-counter markets," Journal of Financial Economics, Elsevier, vol. 157(C).
    18. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2018. "Market-making with Search and Information Frictions," Working Papers 18-20, Federal Reserve Bank of Philadelphia.
    19. Chalmers, John & Liu, Yu (Steve) & Wang, Z. Jay, 2021. "The difference a day makes: Timely disclosure and trading efficiency in the muni market," Journal of Financial Economics, Elsevier, vol. 139(1), pages 313-335.
    20. Foucault, Thierry & Colliard, Jean-Edouard & Hoffmann, Peter, 2018. "Inventory Management, Dealers' Connections, and Prices in OTC Markets," CEPR Discussion Papers 13093, C.E.P.R. Discussion Papers.
    21. Swaminathan Balasubramaniam & Armando Gomes & SangMok Lee, 2019. "Mergers and Acquisitions with Private Equity Intermediation," 2019 Meeting Papers 1121, Society for Economic Dynamics.
    22. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.
    23. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    24. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.
    25. Giovannetti, Andrea, 2021. "The anatomy of buyer–seller dynamics in decentralized markets," International Review of Financial Analysis, Elsevier, vol. 77(C).
    26. Christoph Frei & Qianhong Huang, 2023. "Traditional and digital currencies in over-the-counter markets," Mathematics and Financial Economics, Springer, volume 17, number 4, December.
    27. Jean-Sébastien Fontaine & Adrian Walton, 2020. "Contagion in Dealer Networks," Staff Working Papers 20-1, Bank of Canada.
    28. Mäkinen, Taneli & Palazzo, Francesco, 2024. "Adverse selection and search congestion in over-the-counter markets," Journal of Monetary Economics, Elsevier, vol. 146(C).
    29. Liu, Shuo, 2024. "Search friction, liquidity risk, and bond misallocation," Journal of Financial Markets, Elsevier, vol. 70(C).
    30. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).

  9. Roc Armenter & Benjamin Lester, 2016. "Excess Reserves and Monetary Policy Implementation," Working Papers 16-33, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2024. "CBDC and the operational framework of monetary policy," CEPR Discussion Papers 18750, C.E.P.R. Discussion Papers.
    2. Gara M. dup Afonso & Roc Armenter & Benjamin Lester, 2018. "A model of the federal funds market: yesterday, today, and tomorrow," Staff Reports 840, Federal Reserve Bank of New York.
    3. Adam Copeland, 2019. "The Federal Funds Market over the 2007-09 Crisis," Staff Reports 901, Federal Reserve Bank of New York.
    4. Thaler, Dominik, 2018. "A Large Central Bank Balance Sheet? The Role of Interbank Market Frictions," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181632, Verein für Socialpolitik / German Economic Association.
    5. Begona Dominguez & Pedro Gomis-Porqueras, 2022. "Normalizing the Central Bank's Balance Sheet: Implications for Inflation and Debt Dynamics," CAMA Working Papers 2022-39, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    6. Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2020. "Monetary Policy Implementation with an Ample Supply of Reserves," FRB Atlanta Working Paper 2020-2, Federal Reserve Bank of Atlanta.
    7. Gries, Thomas & Mitschke, Alexandra, 2019. "Systemic instability of the interbank credit market: A contribution to a resilient financial system," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203582, Verein für Socialpolitik / German Economic Association.
    8. Marcelo Rezende & Mary-Frances Styczynski & Cindy M. Vojtech, 2016. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Finance and Economics Discussion Series 2016-090, Board of Governors of the Federal Reserve System (U.S.).
    9. Jean-Guillaume Sahuc & Christian Pfister, 2020. "Unconventional Monetary Policies: A Stock-Taking Exercise," Working Papers hal-04159708, HAL.
    10. Stephen Williamson, 2016. "Interest on Reserves, Interbank Lending, and Monetary Policy," 2016 Meeting Papers 428, Society for Economic Dynamics.
    11. Arce, Óscar & Nuño, Galo & Thaler, Dominik & Thomas, Carlos, 2020. "A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 350-367.
    12. Garth Baughman & Francesca Carapella, 2020. "Voluntary Reserve Targets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 583-612, March.
    13. Morten L. Bech & Todd Keister, 2013. "Liquidity regulation and the implementation of monetary policy," Departmental Working Papers 201325, Rutgers University, Department of Economics.
    14. Roc Armenter, 2016. "A Tractable Model Of The Demand For Reserves Under Nonlinear Remuneration Schemes," Working Papers 16-35, Federal Reserve Bank of Philadelphia.
    15. Saki Bigio & Javier Bianchi, 2014. "Banks, Liquidity Management and Monetary Policy," 2014 Meeting Papers 489, Society for Economic Dynamics.
    16. Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2023. "Monetary Policy Implementation with Ample Reserves," FRB Atlanta Working Paper 2023-10, Federal Reserve Bank of Atlanta.
    17. Eisenschmidt, Jens & Ma, Yiming & Zhang, Anthony Lee, 2022. "Monetary policy transmission in segmented markets," Working Paper Series 2706, European Central Bank.
    18. Gara Afonso & Marco Cipriani & Adam Copeland & Anna Kovner & Gabriele La Spada & Antoine Martin, 2021. "The Market Events of Mid-September 2019," Economic Policy Review, Federal Reserve Bank of New York, vol. 27(2), pages 1-26, August.
    19. Chiu, Jonathan & Monnet, Cyril, 2016. "Relationships in the interbank market," Working Paper Series 19479, Victoria University of Wellington, School of Economics and Finance.
    20. William Arrata & Benoit Nguyen & Imene Rahmouni-Rousseau & Miklos Vari, 2018. "The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area," IMF Working Papers 2018/258, International Monetary Fund.
    21. Keister, Todd, 2019. "The interplay between liquidity regulation, monetary policy implementation and financial stability," Global Finance Journal, Elsevier, vol. 39(C), pages 30-38.
    22. Kyungmin Kim & Antoine Martin & Ed Nosal, 2018. "Can the US Interbank Market be Revived?," Finance and Economics Discussion Series 2018-088, Board of Governors of the Federal Reserve System (U.S.).
    23. Wiliiam Arrata & Benoit Nguyen & Imene Rahmouni-Rousseau & Miklos Vari, 2017. "Eurosystem s asset purchases and money market rates," Working papers 652, Banque de France.
    24. Tomás Carrera de Souza & Tom Hudepohl, 2022. "The Eurosystem’s bond market share at an all-time high: what does it mean for repo markets?," Working Papers 745, DNB.
    25. Huberto Ennis, 2014. "A simple general equilibrium model of large excess reserves," 2014 Meeting Papers 1357, Society for Economic Dynamics.
    26. Arrata, William & Nguyen, Benoît & Rahmouni-Rousseau, Imène & Vari, Miklos, 2020. "The scarcity effect of QE on repo rates: Evidence from the euro area," Journal of Financial Economics, Elsevier, vol. 137(3), pages 837-856.
    27. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
    28. Rezende, Marcelo & Styczynski, Mary-Frances & Vojtech, Cindy M., 2021. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Journal of Financial Intermediation, Elsevier, vol. 46(C).
    29. Berentsen, Aleksander & Kraenzlin, Sébastien & Müller, Benjamin, 2018. "Exit strategies for monetary policy," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 20-40.
    30. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.
    31. Athanasios Geromichalos & Kuk Mo Jung & Ioannis Kospentaris & Changhyun Lee & Sukjoon Lee, 2025. "Central bank interventions and asset market liquidity," Working Papers 373, University of California, Davis, Department of Economics.
    32. Canetg, Fabio & Kaufmann, Daniel, 2022. "Overnight rate and signalling effects of central bank bills," European Economic Review, Elsevier, vol. 143(C).
    33. Carrera de Souza, Tomás & Hudepohl, Tom, 2024. "Frictions in scaling up central bank balance sheet policies: How Eurosystem asset purchases impact the repo market," Journal of Banking & Finance, Elsevier, vol. 158(C).
    34. James A. Clouse & Sam Schulhofer-Wohl, 2018. "A Sequential Bargaining Model of the Fed Funds Market with Excess Reserves," Working Paper Series WP-2018-8, Federal Reserve Bank of Chicago.
    35. Jonathan Chiu & Jens Eisenschmidt & Cyril Monnet, 2019. "Online Appendix to "Relationships in the Interbank Market"," Online Appendices 18-238, Review of Economic Dynamics.
    36. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.

  10. Braz Camargo & Kyungmin (Teddy) Kim & Benjamin Lester, 2016. "Information Spillovers, Gains From Trade, And Interventions In Frozen Markets," Working Papers 16-28, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Baek, Seungjun, 2022. "Optimal policy in lemon markets with flexible information acquisition," Economic Modelling, Elsevier, vol. 106(C).
    2. Michael Junho Lee & Daniel Neuhann, 2019. "A Dynamic Theory of Collateral Quality and Long-Term Interventions," Staff Reports 894, Federal Reserve Bank of New York.
    3. Carré, Sylvain & Collin-Dufresne, Pierre & Gabriel, Franck, 2022. "Insider trading with penalties," Journal of Economic Theory, Elsevier, vol. 203(C).
    4. Lee, Michael Junho & Neuhann, Daniel, 2023. "Collateral quality and intervention traps," Journal of Financial Economics, Elsevier, vol. 147(1), pages 159-171.
    5. Huberto M. Ennis, 2017. "Interventions in Markets with Adverse Selection: Implications for Discount Window Stigma," Working Paper 17-1, Federal Reserve Bank of Richmond.
    6. Gábor Pintér & Chaojun Wang & Junyuan Zou, 2022. "Information chasing versus adverse selection," Bank of England working papers 971, Bank of England.
    7. Michael Lee & Daniel Neuhann, 2018. "The Incentive Channel of Capital Market Interventions," 2018 Meeting Papers 840, Society for Economic Dynamics.
    8. Weiwei Gao & Ting Cao & Zhen Huang, 2021. "Do outsiders listen to insiders? The role of government support in market reactions to earnings announcements," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(4), pages 781-795, June.
    9. Kiki Verico & Yeremia Natanael, 2018. "Let’s talk about the Free Trade Agreement (FTA): The five ASEAN members highlighting Indonesia," LPEM FEBUI Working Papers 201823, LPEM, Faculty of Economics and Business, University of Indonesia, revised Jul 2018.
    10. Verico, Kiki & Natanael, Yeremia, 2018. "Let’s talk about the Free Trade Agreement (FTA): The five ASEAN members highlighting Indonesia," MPRA Paper 87947, University Library of Munich, Germany.
    11. Asano, Koji, 2023. "Liquidity Policies with Opacity," MPRA Paper 119531, University Library of Munich, Germany.
    12. Yang, Xin & Wang, Xuya & Cao, Jie & Zhao, Lili & Huang, Chuangxia, 2024. "Cross-regional connectedness of financial market: Measurement and determinants," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).

  11. Benjamin Lester & Ludo Visschers & Ronald P. Wolthoff, 2016. "Competing with Asking Prices," CESifo Working Paper Series 5945, CESifo.

    Cited by:

    1. Kennes, John & le Maire, Daniel & Roelsgaard, Sebastian T., 2020. "Equivalence of canonical matching models," Games and Economic Behavior, Elsevier, vol. 124(C), pages 169-182.
    2. Philippe Jehiel & Laurent Lamy, 2017. "A mechanism design approach to the Tiebout hypothesis," PSE Working Papers halshs-01557585, HAL.
    3. Susan Vroman & Pieter Gautier & James Albrecht, 2013. "Directed Search in the Housing Market," 2013 Meeting Papers 1370, Society for Economic Dynamics.
    4. Benjamin Lester & Ludo Visschers & Ronald Wolthoff, 2014. "Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets," Edinburgh School of Economics Discussion Paper Series 242, Edinburgh School of Economics, University of Edinburgh.
    5. Pere Gomis-Porqueras & Benoit Julien & Liang Wang, 2016. "Competitive Search with Ex-post Opportunism," Working Papers 201607, University of Hawaii at Manoa, Department of Economics.
    6. Benjamin Lester & Guillaume Rocheteau & Pierre-Olivier Weill, 2015. "Competing for Order Flow in OTC Markets," Post-Print hal-04149211, HAL.
    7. James Albrecht & Pieter A. Gautier & Susan Vroman, 2014. "Efficient Entry in Competing Auctions," American Economic Review, American Economic Association, vol. 104(10), pages 3288-3296, October.
    8. Cai, Xiaoming & Gautier, Pieter A. & Wolthoff, Ronald P., 2017. "Search frictions, competing mechanisms and optimal market segmentation," Journal of Economic Theory, Elsevier, vol. 169(C), pages 453-473.
    9. Derek G. Stacey, 2015. "Posted Prices, Search and Bargaining," Working Papers 059, Toronto Metropolitan University, Department of Economics, revised May 2019.
    10. Auster, Sarah & Gottardi, Piero, 2019. "Competing mechanisms in markets for lemons," Theoretical Economics, Econometric Society, vol. 14(3), July.
    11. Benjamin Lester & Ludo Visschers & Ronald Wolthoff, 2014. "Competing with Asking Prices," Edinburgh School of Economics Discussion Paper Series 243, Edinburgh School of Economics, University of Edinburgh.
    12. Zibin Xu & Anthony Dukes, 2022. "Personalization from Customer Data Aggregation Using List Price," Management Science, INFORMS, vol. 68(2), pages 960-980, February.
    13. Neven, Damien & Piccolo, Salvatore & Andreu, Enrique, 2021. "Price Authority and Information Sharing with Competing Principals," CEPR Discussion Papers 16753, C.E.P.R. Discussion Papers.
    14. Erwan Quintin & Morris Davis, 2014. "Default When House Prices are Uncertain," 2014 Meeting Papers 246, Society for Economic Dynamics.
    15. Peyman Khezr & Flavio Menezes, 2015. "Auctions with an asking price," Discussion Papers Series 539, School of Economics, University of Queensland, Australia.
    16. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 813-886, Elsevier.
    17. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    18. Ronald Wolthoff, 2014. "Applications and Interviews: Firms' Recruiting Decisions in a Frictional Labor Market," Working Papers tecipa-522, University of Toronto, Department of Economics.
    19. Andreu, Enrique & Neven, Damien & Piccolo, Salvatore, 2023. "Price authority and information sharing with competing supply chains," International Journal of Industrial Organization, Elsevier, vol. 88(C).
    20. Enrique Andreu & Damien Neven & Salvatore Piccolo & Roberto Venturini, 2023. "Upstream conduct and price authority with competing organizations," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 32(4), pages 788-810, October.
    21. Ronald Wolthoff & Pieter Gautier & Xiaoming Cai, 2016. "Inclusive versus Exclusive Markets:," 2016 Meeting Papers 262, Society for Economic Dynamics.
    22. Shi, Shouyong, 2023. "Sequentially mixed search and equilibrium price dispersion," Journal of Economic Theory, Elsevier, vol. 213(C).
    23. Derek Stacey, 2015. "Advertised Prices in Decentralized Markets," 2015 Meeting Papers 1011, Society for Economic Dynamics.
    24. David Agorastos & Rowena Gray & Ronan Lyons & Allison Shertzer, 2024. "The Price of Housing in the United States, 1890–2006," Working Papers 24-12, Federal Reserve Bank of Philadelphia.
    25. Xiaoming Cai & Pieter Gautier & Ronald Wolthoff, 2015. "Inclusive versus Exclusive Markets: Search Frictions and Competing Mechanisms," Working Papers tecipa-545, University of Toronto, Department of Economics.
    26. Enrique Andreu & Damien Neven & Salvatore Piccolo, 2020. "Delegated Sales, Agency Costs and the Competitive Effects of List Price," CSEF Working Papers 573, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

  12. Ronald Wolthoff & Benjamin Lester, 2016. "Interviews and the Assignment of Workers to Firms," 2016 Meeting Papers 221, Society for Economic Dynamics.

    Cited by:

    1. Sushant Acharya & Shu Lin Wee, 2020. "Rational Inattention in Hiring Decisions," American Economic Journal: Macroeconomics, American Economic Association, vol. 12(1), pages 1-40, January.

  13. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2016. "Screening and adverse selection in frictional markets," Working Papers 16-10, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Naoki Aizawa & Soojin Kim & Serena Rhee, 2020. "Labor Market Screening and the Design of Social Insurance: An Equilibrium Analysis of the Labor Market for the Disabled," NBER Working Papers 27478, National Bureau of Economic Research, Inc.
    2. Niinimäki, J.-P., 2024. "The incentive effects of the overlapping project structure in credit markets," Journal of Economics and Business, Elsevier, vol. 128(C).
    3. Fajnzylber, Eduardo & Gabrielli, M. Florencia & Willington, Manuel, 2023. "Can transparency increase adverse selection? Evidence from an electronic platform for annuities," Economics Letters, Elsevier, vol. 228(C).
    4. Goodhart, Charles A.E. & Tsomocos, Dimitrios P. & Wang, Xuan, 2023. "Support for small businesses amid COVID‐19," LSE Research Online Documents on Economics 118164, London School of Economics and Political Science, LSE Library.
    5. Schivardi, Fabiano & Crawford, Gregory & Pavanini, Nicola, 2015. "Asymmetric Information and Imperfect Competition in Lending Markets," CEPR Discussion Papers 10473, C.E.P.R. Discussion Papers.
    6. Guido Menzio & Nicholas Trachter, 2015. "Equilibrium Price Dispersion Across and Within Stores," PIER Working Paper Archive 15-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    7. Seyed Mohammadreza Davoodalhosseini, 2020. "Adverse Selection With Heterogeneously Informed Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(3), pages 1307-1358, August.
    8. Feng Dong & Pengfei Wang & Yi Wen, 2018. "A Search-Based Neoclassical Model of Capital Reallocation," Working Papers 2018-17, Federal Reserve Bank of St. Louis.
    9. Duqi, Andi & McGowan, Danny & Onali, Enrico & Torluccio, Giuseppe, 2021. "Natural disasters and economic growth: The role of banking market structure," Journal of Corporate Finance, Elsevier, vol. 71(C).
    10. Hanming Fang & Zenan Wu, 2016. "Multidimensional Private Information, Market Structure and Insurance Markets," NBER Working Papers 22773, National Bureau of Economic Research, Inc.
    11. Zhifeng Cai & Feng Dong, 2021. "A Model of Secular Migration from Centralized to Decentralized Trade," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 72(1), pages 201-244, July.
    12. Morris, Stephen & Bergemann, Dirk & Brooks, Benjamin A, 2020. "Search, Information and Prices," CEPR Discussion Papers 14521, C.E.P.R. Discussion Papers.
    13. Chang, Hung-Chi & Li, Yiting, 2025. "The screening role of market tightness in a competitive search equilibrium with adverse selection," Journal of Economic Theory, Elsevier, vol. 225(C).
    14. Leo Kaas & Carlos Carrillo-Tudela, 2015. "Worker Mobility in a Search Model with Adverse Selection," 2015 Meeting Papers 351, Society for Economic Dynamics.
    15. R. Anton Braun & Karen A. Kopecky & Tatyana Koreshkova, 2017. "Old, Frail, and Uninsured: Accounting for Puzzles in the U.S. Long-Term Care Insurance Market," FRB Atlanta Working Paper 2017-3, Federal Reserve Bank of Atlanta.
    16. Chang, Jen-Wen, 2020. "Monitoring and competing principals: A double-edged sword," Journal of Economic Theory, Elsevier, vol. 189(C).
    17. Decarolis, Francesco & Guglielmo, Andrea, 2017. "Insurers’ response to selection risk: Evidence from Medicare enrollment reforms," Journal of Health Economics, Elsevier, vol. 56(C), pages 383-396.
    18. Auster, Sarah & Gottardi, Piero, 2019. "Competing mechanisms in markets for lemons," Theoretical Economics, Econometric Society, vol. 14(3), July.
    19. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "An Information-based Theory of Financial Intermediation," 2019 Meeting Papers 403, Society for Economic Dynamics.
    20. Sumit Agarwal & John Grigsby & Ali Hortaçsu & Gregor Matvos & Amit Seru & Vincent Yao, 2024. "Searching for Approval," Econometrica, Econometric Society, vol. 92(4), pages 1195-1231, July.
    21. Sarah Auster & Piero Gottardi, 2022. "Sorting versus Screening in Decentralized Markets with Adverse Selection," ECONtribute Discussion Papers Series 180, University of Bonn and University of Cologne, Germany.
    22. Sergio Mayordomo & Nicola Pavanini & Emanuele Tarantino, 2020. "The impact of alternative forms of bank consolidation on credit supply and financial stability," Working Papers 2021, Banco de España.
    23. Dosis, Anastasios, 2019. "Optimal ex post risk adjustment in markets with adverse selection," Journal of Mathematical Economics, Elsevier, vol. 85(C), pages 52-59.
    24. Hwang, Ilwoo, 2018. "Dynamic trading with developing adverse selection," Journal of Economic Theory, Elsevier, vol. 176(C), pages 761-802.
    25. Sarah Auster & Piero Gottardi & Ronald Wolthoff, 2022. "Simultaneous Search and Adverse Selection," ECONtribute Discussion Papers Series 135, University of Bonn and University of Cologne, Germany.
    26. Saki Bigio & Liyan Shi, 2020. "Repurchase Options in the Market for Lemons," NBER Working Papers 27732, National Bureau of Economic Research, Inc.
    27. Islam, Md Rafiqul & Liu, Shaowu & Biddle, Rhys & Razzak, Imran & Wang, Xianzhi & Tilocca, Peter & Xu, Guandong, 2021. "Discovering dynamic adverse behavior of policyholders in the life insurance industry," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    28. Weill, Pierre-Olivier, 2020. "The search theory of OTC markets," CEPR Discussion Papers 14847, C.E.P.R. Discussion Papers.
    29. Starmans, Jan, 2024. "Contracting and search with heterogeneous principals and agents," Journal of Economic Theory, Elsevier, vol. 217(C).
    30. Tatyana Koreshkova & Karen Kopecky & R. Anton Braun, 2016. "Accounting for Low Take-up Rates and High Rejection Rates in the U.S. Long-Term Care Insurance Market," 2016 Meeting Papers 515, Society for Economic Dynamics.
    31. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    32. Teddy Mekonnen, 2025. "How to Segment a Search Market: Information Design and Directed Search," Papers 2501.11753, arXiv.org, revised Sep 2025.
    33. Marzena Rostek & Ji Hee Yoon, 2021. "Exchange Design and Efficiency," Econometrica, Econometric Society, vol. 89(6), pages 2887-2928, November.
    34. Zwart, Gijsbert, 2025. "Moral hazard and risk adjustment," Journal of Health Economics, Elsevier, vol. 99(C).
    35. Anton Tsoy, 2016. "Liquidity and Prices in Decentralized Markets with Almost Public Information," 2016 Meeting Papers 8, Society for Economic Dynamics.
    36. Mohammad Davoodalhosseini, 2017. "Constrained Efficiency with Adverse Selection and Directed Search," Staff Working Papers 17-15, Bank of Canada.
    37. Yannelis, Constantine & Zhang, Anthony Lee, 2023. "Competition and selection in credit markets," Journal of Financial Economics, Elsevier, vol. 150(2).
    38. Hernández, Juan & Wills, Daniel, 2024. "Fighting for the Best, Losing with the Rest: The Perils of Competition in Entrepreneurial Finance," IDB Publications (Working Papers) 13362, Inter-American Development Bank.
    39. Danisewicz, Piotr & Elard, Ilaf, 2023. "The real effects of financial technology: Marketplace lending and personal bankruptcy," Journal of Banking & Finance, Elsevier, vol. 155(C).
    40. Ding, Shuze & Lu, Dong & Puzzello, Daniela, 2025. "The impact of search frictions in experimental asset markets: Over-the-counter versus double auction," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    41. Filippo De Marco & Silvio Petriconi, 2019. "Bank Competition and Information Production," BAFFI CAREFIN Working Papers 19130, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    42. Bosshardt, Joshua & Kakhbod, Ali & Kermani, Amir, 2025. "Do intermediaries improve GSE lending? Evidence from proprietary GSE data," Journal of Financial Economics, Elsevier, vol. 170(C).
    43. Polo, Alberto & Taburet, Arthur & Vo, Quynh-Anh, 2025. "Screening using a menu of contracts: A structural model for lending markets," Journal of Financial Economics, Elsevier, vol. 169(C).
    44. Rao, Neel, 2022. "Search equilibrium with unobservable investment," Games and Economic Behavior, Elsevier, vol. 133(C), pages 300-330.
    45. Jonathan B. Berk & Jules H. Van Binsbergen, 2022. "Regulation of Charlatans in High‐Skill Professions," Journal of Finance, American Finance Association, vol. 77(2), pages 1219-1258, April.
    46. Hsin‐Tien Tsai, 2023. "Advantageous selection with intermediaries: a study of GSE‐securitized mortgage loans," RAND Journal of Economics, RAND Corporation, vol. 54(4), pages 668-694, December.
    47. Sarah Auster & Nicola Pavoni, 2018. "Optimal Delegation and Limited Awareness, with an Application to Financial Intermediation," BAFFI CAREFIN Working Papers 1869, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

  14. Roc Armenter & Benjamin Lester, 2015. "Excess reserves and monetary policy normalization," Working Papers 15-35, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Roc Armenter & Benjamin Lester, 2016. "Excess Reserves and Monetary Policy Implementation," Working Papers 16-33, Federal Reserve Bank of Philadelphia.
    2. Marcelo Rezende & Mary-Frances Styczynski & Cindy M. Vojtech, 2016. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Finance and Economics Discussion Series 2016-090, Board of Governors of the Federal Reserve System (U.S.).
    3. Stephen Williamson, 2016. "Interest on Reserves, Interbank Lending, and Monetary Policy," 2016 Meeting Papers 428, Society for Economic Dynamics.
    4. Guillaume A. Khayat, 2017. "The Corridor's Width as a Monetary Policy Tool," Working Papers halshs-01611650, HAL.
    5. Arun Chandrasekhar & Robert Townsend & Juan Pablo Pablo Xandri, 2019. "Financial Centrality and the Value of Key Players," Working Papers 2019-26, Princeton University. Economics Department..
    6. Borghan Narajabad, 2017. "ON RRP and Stability of the Tri-party Market," 2017 Meeting Papers 1151, Society for Economic Dynamics.
    7. Michael Boutros & Jonathan Witmer, 2017. "Monetary Policy Implementation in a Negative Rate Environment," Staff Working Papers 17-25, Bank of Canada.
    8. Arun G. Chandrasekhar & Robert Townsend & Juan Pablo Xandri, 2018. "Financial Centrality and Liquidity Provision," NBER Working Papers 24406, National Bureau of Economic Research, Inc.
    9. Jonathan Witmer, 2020. "Monetary Policy Independence and the Strength of the Global Financial Cycle," Staff Working Papers 20-26, Bank of Canada.

  15. Lester, Benjamin & Visschers, Ludo & Wolthoff, Ronald, 2014. "Meeting technologies and optimal trading mechanisms in competitive search markets," UC3M Working papers. Economics we1409, Universidad Carlos III de Madrid. Departamento de Economía.

    Cited by:

    1. Xiaoming Cai & Pieter A. Gautier & Ronald P. Wolthoff, 2021. "Search, Screening and Sorting," CESifo Working Paper Series 9158, CESifo.
    2. Philippe Jehiel & Laurent Lamy, 2017. "A mechanism design approach to the Tiebout hypothesis," PSE Working Papers halshs-01557585, HAL.
    3. Xiaoming Cai & Pieter Gautier & Ronald Wolthoff, 2024. "Spatial Search," Tinbergen Institute Discussion Papers 24-015/VIII, Tinbergen Institute.
    4. Susan Vroman & Pieter Gautier & James Albrecht, 2013. "Directed Search in the Housing Market," 2013 Meeting Papers 1370, Society for Economic Dynamics.
    5. Pere Gomis-Porqueras & Benoit Julien & Liang Wang, 2016. "Competitive Search with Ex-post Opportunism," Working Papers 201607, University of Hawaii at Manoa, Department of Economics.
    6. Lester, Benjamin & Visschers, Ludo & Wolthoff, Ronald, 2015. "Dynamic Relational Contracts under Complete Information," SIRE Discussion Papers 2015-51, Scottish Institute for Research in Economics (SIRE).
    7. Cai, Xiaoming & Gautier, Pieter A. & Wolthoff, Ronald P., 2017. "Search frictions, competing mechanisms and optimal market segmentation," Journal of Economic Theory, Elsevier, vol. 169(C), pages 453-473.
    8. Belot, Michèle & Kircher, Philipp & Muller, Paul, 2018. "How Wage Announcements Affect Job Search: A Field Experiment," IZA Discussion Papers 11814, Institute of Labor Economics (IZA).
    9. Xiaoming Cai & Pieter Gautier & Ronald Wolthoff, 2023. "Meetings And Mechanisms," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(1), pages 155-185, February.
    10. Auster, Sarah & Gottardi, Piero, 2019. "Competing mechanisms in markets for lemons," Theoretical Economics, Econometric Society, vol. 14(3), July.
    11. Benjamin Lester & Ludo Visschers & Ronald Wolthoff, 2014. "Competing with Asking Prices," Edinburgh School of Economics Discussion Paper Series 243, Edinburgh School of Economics, University of Edinburgh.
    12. Christopher The & Chengsi Wang & Makoto Watanabe, 2023. "Strategic Limitation of Market Accessibility: Search Platform Design and Welfare," CIGS Working Paper Series 23-004E, The Canon Institute for Global Studies.
    13. Pieter Gautier & Jose L Moraga-Gonzalez & Ronald Wolthoff, 2015. "Search Costs and Efficiency: Do Unemployed Workers Search Enough?," Working Papers tecipa-527, University of Toronto, Department of Economics.
    14. Sarah Auster & Piero Gottardi, 2022. "Sorting versus Screening in Decentralized Markets with Adverse Selection," ECONtribute Discussion Papers Series 180, University of Bonn and University of Cologne, Germany.
    15. Malakhov, Sergey, 2021. "Work of invisible hand: the gravitation between sellers and buyers on the consumption-leisure production possibility frontier," MPRA Paper 106750, University Library of Munich, Germany.
    16. Moritz Ritter & John Kennes & Benoit Julien, 2013. "Bidding for Teams," 2013 Meeting Papers 989, Society for Economic Dynamics.
    17. Sarah Auster & Piero Gottardi & Ronald Wolthoff, 2022. "Simultaneous Search and Adverse Selection," ECONtribute Discussion Papers Series 135, University of Bonn and University of Cologne, Germany.
    18. Cai, Xiaoming, 2015. "Minimum prices in a model with search frictions and price posting," Economics Letters, Elsevier, vol. 135(C), pages 61-64.
    19. Hector Chade & Jan Eeckhout & Lones Smith, 2017. "Sorting through Search and Matching Models in Economics," Journal of Economic Literature, American Economic Association, vol. 55(2), pages 493-544, June.
    20. Mangin, Sephorah & Julien, Benoît, 2021. "Efficiency in search and matching models: A generalized Hosios condition," Journal of Economic Theory, Elsevier, vol. 193(C).
    21. Kultti, Klaus & Pekkarinen, Teemu, 2021. "Equilibrium price and advertisement distributions," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    22. Mangin, Sephorah, 2017. "A theory of production, matching, and distribution," Journal of Economic Theory, Elsevier, vol. 172(C), pages 376-409.
    23. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    24. Julien, Benoît & Roger, Guillaume, 2018. "Bidding for incentive contracts," Journal of Mathematical Economics, Elsevier, vol. 79(C), pages 95-105.
    25. Ronald Wolthoff, 2014. "Applications and Interviews: Firms' Recruiting Decisions in a Frictional Labor Market," Working Papers tecipa-522, University of Toronto, Department of Economics.
    26. Lu Han & Chandler Lutz & Benjamin Sand & Derek Stacey, 2018. "Do Financial Constraints Cool a Housing Boom?," Working Papers 073, Toronto Metropolitan University, Department of Economics.
    27. Mohammad Davoodalhosseini, 2017. "Constrained Efficiency with Adverse Selection and Directed Search," Staff Working Papers 17-15, Bank of Canada.
    28. Ronald Wolthoff & Pieter Gautier & Xiaoming Cai, 2016. "Inclusive versus Exclusive Markets:," 2016 Meeting Papers 262, Society for Economic Dynamics.
    29. Shi, Shouyong, 2023. "Sequentially mixed search and equilibrium price dispersion," Journal of Economic Theory, Elsevier, vol. 213(C).
    30. Xiaoming Cai, 2020. "Efficiency Of Wage Bargaining With On‐The‐Job Search," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(4), pages 1749-1775, November.
    31. Gautier, Pieter & Albrecht, James & Cai, Xiaoming & Vroman, Susan, 2019. "Multiple Applications, Competing Mechanisms, and Market Power," CEPR Discussion Papers 13912, C.E.P.R. Discussion Papers.
    32. Malakhov, Sergey, 2020. "Invisible hand at consumption-leisure production possibility frontier: the allocation of time between goods and services under wage and price dispersions," MPRA Paper 104455, University Library of Munich, Germany.
    33. Peter Norman, 2017. "Matching with Frictions and Entry with Poisson Distributed Buyers and Sellers," 2017 Meeting Papers 1150, Society for Economic Dynamics.
    34. Xiaoming Cai & Pieter Gautier & Ronald Wolthoff, 2015. "Inclusive versus Exclusive Markets: Search Frictions and Competing Mechanisms," Working Papers tecipa-545, University of Toronto, Department of Economics.
    35. Tai-Wei Hu & Guillaume Rocheteau & Lucie Lebeau & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," 2018 Meeting Papers 606, Society for Economic Dynamics.

  16. Julien HUGONNIER & Benjamin LESTER & Pierre-Olivier WEILL, 2014. "Heterogeneity in Decentralized Asset Markets," Swiss Finance Institute Research Paper Series 14-67, Swiss Finance Institute.

    Cited by:

    1. Terrence Hendershott & Dan Li & Dmitry Livdan & Norman Schürhoff, 2017. "Relationship Trading in OTC Markets," Swiss Finance Institute Research Paper Series 17-30, Swiss Finance Institute.
    2. Ana Babus & Cecilia Parlatore, 2021. "Strategic Fragmented Markets," NBER Working Papers 28729, National Bureau of Economic Research, Inc.
    3. Ji Shen & Bin Wei & Hongjun Yan, 2018. "Financial Intermediation Chains in an OTC Market," FRB Atlanta Working Paper 2018-15, Federal Reserve Bank of Atlanta.
    4. Taneli Mäkinen & Francesco Palazzo, 2017. "The double bind of asymmetric information in over-the-counter markets," Temi di discussione (Economic working papers) 1128, Bank of Italy, Economic Research and International Relations Area.
    5. Briana Chang & Shengxing Zhang, 2015. "Endogenous Market Making and Network Formation," Discussion Papers 1534, Centre for Macroeconomics (CFM).
    6. Weill, Pierre-Olivier & Dugast, Jérôme & Uslu, Semih, 2019. "A Theory of Participation in OTC and Centralized Markets," CEPR Discussion Papers 14258, C.E.P.R. Discussion Papers.
    7. Feng Dong & Pengfei Wang & Yi Wen, 2018. "A Search-Based Neoclassical Model of Capital Reallocation," Working Papers 2018-17, Federal Reserve Bank of St. Louis.
    8. Zhifeng Cai & Feng Dong, 2021. "A Model of Secular Migration from Centralized to Decentralized Trade," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 72(1), pages 201-244, July.
    9. Artem Neklyudov, 2019. "Bid-Ask Spreads and the Over-the-Counter Interdealer Markets: Core and Peripheral Dealers," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 57-84, July.
    10. Maryam Farboodi & Gregor Jarosch & Guido Menzio, 2016. "Intermediation as Rent Extraction," PIER Working Paper Archive 16-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Dec 2016.
    11. Jerome Dugast & Pierre-Olivier Weill & Semih Uslu, 2018. "Platform Trading with an OTC Market Fringe," 2018 Meeting Papers 1002, Society for Economic Dynamics.
    12. Denbee, Edward & Julliard, Christian & Li, Ye & Yuan, Kathy, 2021. "Network risk and key players: A structural analysis of interbank liquidity," Journal of Financial Economics, Elsevier, vol. 141(3), pages 831-859.
    13. Derek G. Stacey, 2015. "Posted Prices, Search and Bargaining," Working Papers 059, Toronto Metropolitan University, Department of Economics, revised May 2019.
    14. Friewald, Nils & Nagler, Florian, 2018. "Over-the-Counter Market Frictions and Yield Spread Changes," CEPR Discussion Papers 13345, C.E.P.R. Discussion Papers.
    15. Yu An & Zeyu Zheng, 2023. "Immediacy Provision and Matchmaking," Management Science, INFORMS, vol. 69(2), pages 1245-1263, February.
    16. Gabor Pinter & Semih Uslu, 2023. "Price formation in markets with trading delays," Bank of England working papers 1023, Bank of England.
    17. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "Asset Issuance in Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 4-29, July.
    18. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2018. "Inefficiency in a Simple Model of Production and Bilateral Trade," Economic Quarterly, Federal Reserve Bank of Richmond, issue 3Q, pages 137-151.
    19. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "An Information-based Theory of Financial Intermediation," 2019 Meeting Papers 403, Society for Economic Dynamics.
    20. Joseph, Andreas & Vasios, Michalis, 2022. "OTC Microstructure in a period of stress: A Multi-layered network approach," Journal of Banking & Finance, Elsevier, vol. 138(C).
    21. Ji Shen & Bin Wei & Hongjun Yan, 2021. "Financial Intermediation Chains in an Over-the-Counter Market," Management Science, INFORMS, vol. 67(7), pages 4623-4642, July.
    22. Craig, Ben & Ma, Yiming, 2022. "Intermediation in the interbank lending market," Journal of Financial Economics, Elsevier, vol. 145(2), pages 179-207.
    23. Goldstein, Michael A. & Hotchkiss, Edith S., 2020. "Providing liquidity in an illiquid market: Dealer behavior in US corporate bonds," Journal of Financial Economics, Elsevier, vol. 135(1), pages 16-40.
    24. Celso Brunetti & Agostino Capponi & Christoph Frei, 2017. "Managing Counterparty Risk in OTC Markets," Finance and Economics Discussion Series 2017-083, Board of Governors of the Federal Reserve System (U.S.).
    25. Gábor Pintér & Chaojun Wang & Junyuan Zou, 2022. "Information chasing versus adverse selection," Bank of England working papers 971, Bank of England.
    26. Julien Hugonnier & Benjamin R. Lester & Pierre-Olivier Weill, 2018. "Frictional Intermediation in Over-the-Counter Markets," Swiss Finance Institute Research Paper Series 18-59, Swiss Finance Institute.
    27. Maryam Farboodi & Gregor Jarosch & Robert Shimer, 2017. "The Emergence of Market Structure," NBER Working Papers 23234, National Bureau of Economic Research, Inc.
    28. Trejos, Alberto & Wright, Randall, 2016. "Search-based models of money and finance: An integrated approach," Journal of Economic Theory, Elsevier, vol. 164(C), pages 10-31.
    29. Weill, Pierre-Olivier, 2020. "The search theory of OTC markets," CEPR Discussion Papers 14847, C.E.P.R. Discussion Papers.
    30. Nathan Foley-Fisher & Stefan Gissler & Stephane Verani, 2019. "Over-the-Counter Market Liquidity and Securities Lending," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 272-294, July.
    31. Wang, Chaojun, 2023. "The limits of multi-dealer platforms," Journal of Financial Economics, Elsevier, vol. 149(3), pages 434-450.
    32. Babus, Ana & Hu, Tai-Wei, 2017. "Endogenous intermediation in over-the-counter markets," Journal of Financial Economics, Elsevier, vol. 125(1), pages 200-215.
    33. André Kurmann & Stanislav Rabinovich, 2016. "Dynamic Inefficiency in Decentralized Capital Markets," School of Economics Working Paper Series 2016-1, LeBow College of Business, Drexel University.
    34. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
    35. Miroslav Gabrovski & Ioannis Kospentaris & Victor Ortego-Marti, 2024. "Endogenous Realtor Intermediation and Housing Market Liquidity," Working Papers 202410, University of California at Riverside, Department of Economics.
    36. Ben R. Craig & Yiming Ma, 2020. "Intermediation in the Interbank Lending Market," Working Papers 20-09, Federal Reserve Bank of Cleveland.
    37. Domenico Di Gangi & Vladimir Lazarov & Aakash Mankodi & Laura Silvestri, 2022. "Links between government bond and futures markets: dealer-client relationships and price discovery in the UK," Bank of England working papers 991, Bank of England.
    38. Robert Shimer & Gregor Jarosch & Maryam Farboodi, 2016. "Meeting Technologies in Decentralized Asset Markets," 2016 Meeting Papers 844, Society for Economic Dynamics.
    39. Dario Cestau & Burton Hollifield & Dan Li & Norman Schürhoff, 2018. "Municipal Bond Markets," Swiss Finance Institute Research Paper Series 18-69, Swiss Finance Institute.
    40. Zhang, Shengxing, 2018. "Liquidity misallocation in an over-the-counter market," LSE Research Online Documents on Economics 86800, London School of Economics and Political Science, LSE Library.
    41. Anton Tsoy, 2016. "Liquidity and Prices in Decentralized Markets with Almost Public Information," 2016 Meeting Papers 8, Society for Economic Dynamics.
    42. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 65105, London School of Economics and Political Science, LSE Library.
    43. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.
    44. Marco Di Maggio & Amir Kermani & Zhaogang Song, 2016. "The Value of Trading Relationships in Turbulent Times," NBER Working Papers 22332, National Bureau of Economic Research, Inc.
    45. Schultz, Paul & Song, Zhaogang, 2019. "Transparency and dealer networks: Evidence from the initiation of post-trade reporting in the mortgage backed security market," Journal of Financial Economics, Elsevier, vol. 133(1), pages 113-133.
    46. Semyon Malamud & Marzena Rostek, 2017. "Decentralized Exchange," American Economic Review, American Economic Association, vol. 107(11), pages 3320-3362, November.
    47. David Mallaburn & Matt Roberts-Sklar & Laura Silvestri, 2019. "Resilience of trading networks: evidence from the sterling corporate bond market," Bank of England working papers 813, Bank of England.
    48. Andreas Joseph & Michalis Vasios & Olga Maizels & Ujwal Shreyas & John Tanner, 2019. "OTC microstructure in a period of stress: a multi‑layered network approach," Bank of England working papers 832, Bank of England.
    49. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.
    50. Gottardi, Piero, 2025. "Douglas Gale’s contribution to bargaining and markets," Journal of Financial Intermediation, Elsevier, vol. 62(C).
    51. Di Maggio, Marco & Kermani, Amir & Song, Zhaogang, 2017. "The value of trading relations in turbulent times," Journal of Financial Economics, Elsevier, vol. 124(2), pages 266-284.
    52. Christoph Frei & Qianhong Huang, 2023. "Traditional and digital currencies in over-the-counter markets," Mathematics and Financial Economics, Springer, volume 17, number 4, December.
    53. Shengxing Zhang & Briana Chang, 2015. "Endogenous Market-making and Formation of Trading Links," 2015 Meeting Papers 1227, Society for Economic Dynamics.
    54. Pierre Collin-Dufresne & Benjamin Junge & Anders B. Trolle, 2018. "Market Structure and Transaction Costs of Index CDSs," Swiss Finance Institute Research Paper Series 18-40, Swiss Finance Institute.
    55. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 119005, London School of Economics and Political Science, LSE Library.

  17. Benjamin Lester & Guillaume Rocheteau & Pierre-Olivier Weill, 2014. "Competing for order flow in OTC markets," Working Papers 14-9, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Terrence Hendershott & Dan Li & Dmitry Livdan & Norman Schürhoff, 2017. "Relationship Trading in OTC Markets," Swiss Finance Institute Research Paper Series 17-30, Swiss Finance Institute.
    2. Ana Babus & Cecilia Parlatore, 2021. "Strategic Fragmented Markets," NBER Working Papers 28729, National Bureau of Economic Research, Inc.
    3. Andra C. Ghent, 2019. "What's Wrong with Pittsburgh? Delegated Investors and Liquidity Concentration," NBER Working Papers 25966, National Bureau of Economic Research, Inc.
    4. Ji Shen & Bin Wei & Hongjun Yan, 2018. "Financial Intermediation Chains in an OTC Market," FRB Atlanta Working Paper 2018-15, Federal Reserve Bank of Atlanta.
    5. Briana Chang & Shengxing Zhang, 2015. "Endogenous Market Making and Network Formation," Discussion Papers 1534, Centre for Macroeconomics (CFM).
    6. Roc Armenter & Benjamin Lester, 2016. "Excess Reserves and Monetary Policy Implementation," Working Papers 16-33, Federal Reserve Bank of Philadelphia.
    7. Chaumont, Gaston & Gordon, Grey & Sultanum, Bruno & Tobin, Elliot, 2024. "Sovereign debt and credit default swaps," Journal of International Economics, Elsevier, vol. 150(C).
    8. Jerome Dugast & Pierre-Olivier Weill & Semih Uslu, 2018. "Platform Trading with an OTC Market Fringe," 2018 Meeting Papers 1002, Society for Economic Dynamics.
    9. Roc Armenter & Benjamin Lester, 2015. "Excess reserves and monetary policy normalization," Working Papers 15-35, Federal Reserve Bank of Philadelphia.
    10. Derek G. Stacey, 2015. "Posted Prices, Search and Bargaining," Working Papers 059, Toronto Metropolitan University, Department of Economics, revised May 2019.
    11. Yu An & Zeyu Zheng, 2023. "Immediacy Provision and Matchmaking," Management Science, INFORMS, vol. 69(2), pages 1245-1263, February.
    12. Schürhoff, Norman & Li, Dan, 2014. "Dealer Networks," CEPR Discussion Papers 10237, C.E.P.R. Discussion Papers.
    13. Gabor Pinter & Semih Uslu, 2022. "Comparing search and intermediation frictions across markets," Bank of England working papers 974, Bank of England.
    14. Terrence Hendershott & Dan Li & Dmitry Livdan & Norman Schürhoff, 2020. "Relationship Trading in Over‐the‐Counter Markets," Journal of Finance, American Finance Association, vol. 75(2), pages 683-734, April.
    15. Joseph, Andreas & Vasios, Michalis, 2022. "OTC Microstructure in a period of stress: A Multi-layered network approach," Journal of Banking & Finance, Elsevier, vol. 138(C).
    16. Ji Shen & Bin Wei & Hongjun Yan, 2021. "Financial Intermediation Chains in an Over-the-Counter Market," Management Science, INFORMS, vol. 67(7), pages 4623-4642, July.
    17. Goldstein, Michael A. & Hotchkiss, Edith S., 2020. "Providing liquidity in an illiquid market: Dealer behavior in US corporate bonds," Journal of Financial Economics, Elsevier, vol. 135(1), pages 16-40.
    18. Julien Hugonnier & Benjamin R. Lester & Pierre-Olivier Weill, 2018. "Frictional Intermediation in Over-the-Counter Markets," Swiss Finance Institute Research Paper Series 18-59, Swiss Finance Institute.
    19. Weill, Pierre-Olivier, 2020. "The search theory of OTC markets," CEPR Discussion Papers 14847, C.E.P.R. Discussion Papers.
    20. Semih Üslü, 2019. "Pricing and Liquidity in Decentralized Asset Markets," Econometrica, Econometric Society, vol. 87(6), pages 2079-2140, November.
    21. André Kurmann & Stanislav Rabinovich, 2016. "Dynamic Inefficiency in Decentralized Capital Markets," School of Economics Working Paper Series 2016-1, LeBow College of Business, Drexel University.
    22. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
    23. Miroslav Gabrovski & Ioannis Kospentaris & Victor Ortego-Marti, 2024. "Endogenous Realtor Intermediation and Housing Market Liquidity," Working Papers 202410, University of California at Riverside, Department of Economics.
    24. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2018. "Market-making with Search and Information Frictions," Working Papers 18-20, Federal Reserve Bank of Philadelphia.
    25. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    26. Foucault, Thierry & Colliard, Jean-Edouard & Hoffmann, Peter, 2018. "Inventory Management, Dealers' Connections, and Prices in OTC Markets," CEPR Discussion Papers 13093, C.E.P.R. Discussion Papers.
    27. Zhang, Shengxing, 2018. "Liquidity misallocation in an over-the-counter market," LSE Research Online Documents on Economics 86800, London School of Economics and Political Science, LSE Library.
    28. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 65105, London School of Economics and Political Science, LSE Library.
    29. Ding, Shuze & Lu, Dong & Puzzello, Daniela, 2025. "The impact of search frictions in experimental asset markets: Over-the-counter versus double auction," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    30. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    31. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.
    32. Shengxing Zhang & Briana Chang, 2015. "Endogenous Market-making and Formation of Trading Links," 2015 Meeting Papers 1227, Society for Economic Dynamics.
    33. Lu, Dong & Zhan, Yaosong, 2022. "Over-the-counter versus double auction in asset markets with near-zero-intelligence traders," Journal of Economic Dynamics and Control, Elsevier, vol. 143(C).
    34. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 119005, London School of Economics and Political Science, LSE Library.
    35. Ren'e Aid & Philippe Bergault & Mathieu Rosenbaum, 2025. "Competition and Incentives in a Shared Order Book," Papers 2509.10094, arXiv.org.

  18. Braz Camargo & Kyungmin (Teddy) Kim & Benjamin Lester, 2013. "Subsidizing price discovery," Working Papers 13-20, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Ben Lester & Braz Camargo, 2011. "Trading Dynamics in Decentralized Markets with Adverse Selection," 2011 Meeting Papers 1300, Society for Economic Dynamics.
    2. Gaetano Gaballo & Ramon Marimon, 2016. "Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies," NBER Working Papers 22006, National Bureau of Economic Research, Inc.
    3. Berentsen, Aleksander & McBride, Michael & Rocheteau, Guillaume, 2017. "Limelight on dark markets: Theory and experimental evidence on liquidity and information," Journal of Economic Dynamics and Control, Elsevier, vol. 75(C), pages 70-90.
    4. Farhi, Emmanuel & Tirole, Jean, 2012. "Liquid Bundles," IDEI Working Papers 736, Institut d'Économie Industrielle (IDEI), Toulouse, revised Oct 2013.
    5. Braz Camargo & Kyungmin Kim & Benjamin Lester, 2016. "Information Spillovers, Gains from Trade, and Interventions in Frozen Markets," The Review of Financial Studies, Society for Financial Studies, vol. 29(5), pages 1291-1329.
    6. Benjamin Lester, 2013. "Breaking the ice: government interventions in frozen markets," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 19-25.

  19. Ronald Wolthoff & Lodewijk Visschers & Benjamin Lester, 2012. "Asking Prices and Inspection Goods," 2012 Meeting Papers 792, Society for Economic Dynamics.

    Cited by:

    1. Kennes, John & le Maire, Daniel & Roelsgaard, Sebastian T., 2020. "Equivalence of canonical matching models," Games and Economic Behavior, Elsevier, vol. 124(C), pages 169-182.
    2. Philippe Jehiel & Laurent Lamy, 2017. "A mechanism design approach to the Tiebout hypothesis," PSE Working Papers halshs-01557585, HAL.
    3. Susan Vroman & Pieter Gautier & James Albrecht, 2013. "Directed Search in the Housing Market," 2013 Meeting Papers 1370, Society for Economic Dynamics.
    4. Benjamin Lester & Ludo Visschers & Ronald Wolthoff, 2014. "Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets," Edinburgh School of Economics Discussion Paper Series 242, Edinburgh School of Economics, University of Edinburgh.
    5. Pere Gomis-Porqueras & Benoit Julien & Liang Wang, 2016. "Competitive Search with Ex-post Opportunism," Working Papers 201607, University of Hawaii at Manoa, Department of Economics.
    6. Benjamin Lester & Guillaume Rocheteau & Pierre-Olivier Weill, 2015. "Competing for Order Flow in OTC Markets," Post-Print hal-04149211, HAL.
    7. James Albrecht & Pieter A. Gautier & Susan Vroman, 2014. "Efficient Entry in Competing Auctions," American Economic Review, American Economic Association, vol. 104(10), pages 3288-3296, October.
    8. Cai, Xiaoming & Gautier, Pieter A. & Wolthoff, Ronald P., 2017. "Search frictions, competing mechanisms and optimal market segmentation," Journal of Economic Theory, Elsevier, vol. 169(C), pages 453-473.
    9. Derek G. Stacey, 2015. "Posted Prices, Search and Bargaining," Working Papers 059, Toronto Metropolitan University, Department of Economics, revised May 2019.
    10. Auster, Sarah & Gottardi, Piero, 2019. "Competing mechanisms in markets for lemons," Theoretical Economics, Econometric Society, vol. 14(3), July.
    11. Benjamin Lester & Ludo Visschers & Ronald Wolthoff, 2014. "Competing with Asking Prices," Edinburgh School of Economics Discussion Paper Series 243, Edinburgh School of Economics, University of Edinburgh.
    12. Zibin Xu & Anthony Dukes, 2022. "Personalization from Customer Data Aggregation Using List Price," Management Science, INFORMS, vol. 68(2), pages 960-980, February.
    13. Neven, Damien & Piccolo, Salvatore & Andreu, Enrique, 2021. "Price Authority and Information Sharing with Competing Principals," CEPR Discussion Papers 16753, C.E.P.R. Discussion Papers.
    14. Erwan Quintin & Morris Davis, 2014. "Default When House Prices are Uncertain," 2014 Meeting Papers 246, Society for Economic Dynamics.
    15. Peyman Khezr & Flavio Menezes, 2015. "Auctions with an asking price," Discussion Papers Series 539, School of Economics, University of Queensland, Australia.
    16. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 813-886, Elsevier.
    17. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    18. Ronald Wolthoff, 2014. "Applications and Interviews: Firms' Recruiting Decisions in a Frictional Labor Market," Working Papers tecipa-522, University of Toronto, Department of Economics.
    19. Andreu, Enrique & Neven, Damien & Piccolo, Salvatore, 2023. "Price authority and information sharing with competing supply chains," International Journal of Industrial Organization, Elsevier, vol. 88(C).
    20. Enrique Andreu & Damien Neven & Salvatore Piccolo & Roberto Venturini, 2023. "Upstream conduct and price authority with competing organizations," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 32(4), pages 788-810, October.
    21. Ronald Wolthoff & Pieter Gautier & Xiaoming Cai, 2016. "Inclusive versus Exclusive Markets:," 2016 Meeting Papers 262, Society for Economic Dynamics.
    22. Shi, Shouyong, 2023. "Sequentially mixed search and equilibrium price dispersion," Journal of Economic Theory, Elsevier, vol. 213(C).
    23. Derek Stacey, 2015. "Advertised Prices in Decentralized Markets," 2015 Meeting Papers 1011, Society for Economic Dynamics.
    24. David Agorastos & Rowena Gray & Ronan Lyons & Allison Shertzer, 2024. "The Price of Housing in the United States, 1890–2006," Working Papers 24-12, Federal Reserve Bank of Philadelphia.
    25. Xiaoming Cai & Pieter Gautier & Ronald Wolthoff, 2015. "Inclusive versus Exclusive Markets: Search Frictions and Competing Mechanisms," Working Papers tecipa-545, University of Toronto, Department of Economics.
    26. Enrique Andreu & Damien Neven & Salvatore Piccolo, 2020. "Delegated Sales, Agency Costs and the Competitive Effects of List Price," CSEF Working Papers 573, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

  20. Ronald Wolthoff & Benjamin Lester, 2012. "Interviews and the Assignment of Workers to Jobs," 2012 Meeting Papers 631, Society for Economic Dynamics.

    Cited by:

    1. Cai, Xiaoming & Gautier, Pieter A. & Wolthoff, Ronald P., 2017. "Search frictions, competing mechanisms and optimal market segmentation," Journal of Economic Theory, Elsevier, vol. 169(C), pages 453-473.
    2. Ronald Wolthoff, 2014. "Applications and Interviews: Firms' Recruiting Decisions in a Frictional Labor Market," Working Papers tecipa-522, University of Toronto, Department of Economics.
    3. Ronald Wolthoff & Pieter Gautier & Xiaoming Cai, 2016. "Inclusive versus Exclusive Markets:," 2016 Meeting Papers 262, Society for Economic Dynamics.
    4. Xiaoming Cai & Pieter Gautier & Ronald Wolthoff, 2015. "Inclusive versus Exclusive Markets: Search Frictions and Competing Mechanisms," Working Papers tecipa-545, University of Toronto, Department of Economics.

  21. Braz Camargo & Benjamin Lester, 2011. "Trading dynamics in decentralized markets with adverse selection," Working Papers 11-36, Federal Reserve Bank of Philadelphia.

    Cited by:

    1. Santanu Roy, 2014. "Dynamic sorting in durable goods markets with buyer heterogeneity," Canadian Journal of Economics, Canadian Economics Association, vol. 47(3), pages 1010-1031, August.
    2. Taneli Mäkinen & Francesco Palazzo, 2017. "The double bind of asymmetric information in over-the-counter markets," Temi di discussione (Economic working papers) 1128, Bank of Italy, Economic Research and International Relations Area.
    3. Youichiro Higashi & Kazuya Hyogo & Norio Takeoka & Hiroyuki Tanaka, 2017. "Comparative impatience under random discounting," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(3), pages 621-651, March.
    4. Hu, Yunzhi, 2022. "A dynamic theory of bank lending, firm entry, and investment fluctuations," Journal of Economic Theory, Elsevier, vol. 204(C).
    5. Seyed Mohammadreza Davoodalhosseini, 2020. "Adverse Selection With Heterogeneously Informed Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(3), pages 1307-1358, August.
    6. William Fuchs & Andrzej Skrzypacz, 2019. "Costs and benefits of dynamic trading in a lemons market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 105-127, July.
    7. Briana Chang, 2012. "Adverse Selection and Liquidity Distortion in Decentralized Markets," 2012 Meeting Papers 403, Society for Economic Dynamics.
    8. Braz Camargo & Kyungmin (Teddy) Kim & Benjamin Lester, 2013. "Subsidizing price discovery," Working Papers 13-20, Federal Reserve Bank of Philadelphia.
    9. Wang, Zijian, 2020. "Liquidity and private information in asset markets: To signal or not to signal," Journal of Economic Theory, Elsevier, vol. 190(C).
    10. Michael Junho Lee & Daniel Neuhann, 2019. "A Dynamic Theory of Collateral Quality and Long-Term Interventions," Staff Reports 894, Federal Reserve Bank of New York.
    11. Carré, Sylvain & Collin-Dufresne, Pierre & Gabriel, Franck, 2022. "Insider trading with penalties," Journal of Economic Theory, Elsevier, vol. 203(C).
    12. Veronica Guerrieri & Robert Shimer, 2012. "Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality," NBER Working Papers 17876, National Bureau of Economic Research, Inc.
    13. Diego Moreno & John Wooders, 2013. "Dynamic Markets for Lemons: Performance, Liquidity, and Policy Intervention," Working Paper Series 5, Economics Discipline Group, UTS Business School, University of Technology, Sydney.
    14. Lee, Michael Junho & Neuhann, Daniel, 2023. "Collateral quality and intervention traps," Journal of Financial Economics, Elsevier, vol. 147(1), pages 159-171.
    15. Ben Lester & Braz Camargo, 2011. "Trading Dynamics in Decentralized Markets with Adverse Selection," 2011 Meeting Papers 1300, Society for Economic Dynamics.
    16. Heinsalu, Sander, 2020. "Investing to access an adverse selection market," International Journal of Industrial Organization, Elsevier, vol. 72(C).
    17. Auster, Sarah & Gottardi, Piero, 2019. "Competing mechanisms in markets for lemons," Theoretical Economics, Econometric Society, vol. 14(3), July.
    18. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "Asset Issuance in Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 4-29, July.
    19. Davoodalhosseini, Seyed Mohammadreza, 2022. "Optimal taxation in asset markets with adverse selection," European Economic Review, Elsevier, vol. 147(C).
    20. Fenghua Song & Anjan V. Thakor, 2023. "Market Freeze and Bank Capital Structure Heterogeneity," Management Science, INFORMS, vol. 69(3), pages 1856-1876, March.
    21. Florian Madison, 2017. "Frictional asset reallocation under adverse selection," ECON - Working Papers 261, Department of Economics - University of Zurich, revised Jan 2018.
    22. Christopher L. House & Yusufcan Masatlioglu, 2010. "Managing Markets for Toxic Assets," NBER Working Papers 16145, National Bureau of Economic Research, Inc.
    23. Robert Shimer & Ivan Werning, 2019. "Efficiency and information transmission in bilateral trading," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 154-176, July.
    24. Ennio Bilancini & Leonardo Boncinelli, 2014. "Dynamic Adverse Selection and the Supply Size," Department of Economics (DEMB) 0034, University of Modena and Reggio Emilia, Department of Economics "Marco Biagi".
    25. Dilmé, Francesc, 2023. "Bargaining in small dynamic markets," Journal of Economic Theory, Elsevier, vol. 207(C).
    26. Weill, Pierre-Olivier, 2020. "The search theory of OTC markets," CEPR Discussion Papers 14847, C.E.P.R. Discussion Papers.
    27. Shengxing Zhang, 2014. "Collateral Risk, Repo Rollover and Shadow Banking," 2014 Meeting Papers 562, Society for Economic Dynamics.
    28. William Fuchs & Aniko Ory & Andrzej Skrzypacz, 2015. "Transparency and Distressed Sales under Asymmetric Information," Cowles Foundation Discussion Papers 1986, Cowles Foundation for Research in Economics, Yale University.
    29. Kim, Kyungmin, 2017. "Information about sellers' past behavior in the market for lemons," Journal of Economic Theory, Elsevier, vol. 169(C), pages 365-399.
    30. Benhabib, Jess & Dong, Feng & Wang, Pengfei, 2018. "Adverse selection and self-fulfilling business cycles," Journal of Monetary Economics, Elsevier, vol. 94(C), pages 114-130.
    31. Vincent Maurin, 2022. "Liquidity Fluctuations in Over‐the‐Counter Markets," Journal of Finance, American Finance Association, vol. 77(2), pages 1325-1369, April.
    32. Swarbrick, Jonathan, 2023. "Lending standards, productivity, and credit crunches," Macroeconomic Dynamics, Cambridge University Press, vol. 27(2), pages 456-481, March.
    33. Alvarez, Fernando & Barlevy, Gadi, 2021. "Mandatory disclosure and financial contagion," Journal of Economic Theory, Elsevier, vol. 194(C).
    34. Yeon-Koo Che & Chongwoo Choe & Keeyoung Rhee, 2015. "Bailout Stigma," Monash Economics Working Papers 26-15, Monash University, Department of Economics.
    35. Marilyn Pease & Kyungmin Kim, 2014. "Costly Search with Adverse Selection: Solicitation Curse vs. Accelerating Blessing," 2014 Meeting Papers 816, Society for Economic Dynamics.
    36. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2018. "Market-making with Search and Information Frictions," Working Papers 18-20, Federal Reserve Bank of Philadelphia.
    37. Palazzo, Francesco, 2017. "Search costs and the severity of adverse selection," Research in Economics, Elsevier, vol. 71(1), pages 171-197.
    38. Bajaj, Ayushi, 2018. "Undefeated equilibria of the Shi–Trejos–Wright model under adverse selection," Journal of Economic Theory, Elsevier, vol. 176(C), pages 957-986.
    39. Zhang, Shengxing, 2018. "Liquidity misallocation in an over-the-counter market," LSE Research Online Documents on Economics 86800, London School of Economics and Political Science, LSE Library.
    40. Mohammad Davoodalhosseini, 2017. "Constrained Efficiency with Adverse Selection and Directed Search," Staff Working Papers 17-15, Bank of Canada.
    41. Francesc Dilme & Fei Li, 2012. "Dynamic Education Signaling with Dropout," PIER Working Paper Archive 12-023, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    42. Braz Camargo & Kyungmin Kim & Benjamin Lester, 2016. "Information Spillovers, Gains from Trade, and Interventions in Frozen Markets," The Review of Financial Studies, Society for Financial Studies, vol. 29(5), pages 1291-1329.
    43. Choi, Michael, 2018. "Imperfect information transmission and adverse selection in asset markets," Journal of Economic Theory, Elsevier, vol. 176(C), pages 619-649.
    44. Dino Gerardi & Lucas Maestri & Ignacio Monzón, 2022. "Bargaining over a Divisible Good in the Market for Lemons," American Economic Review, American Economic Association, vol. 112(5), pages 1591-1620, May.
    45. Florian Madison, 2016. "Asymmetric information in frictional markets for liquidity: collateralized credit vs asset sale," ECON - Working Papers 220, Department of Economics - University of Zurich, revised Nov 2020.
    46. Fuchs, William & Skrzypacz, Andrzej, 2015. "Government interventions in a dynamic market with adverse selection," Journal of Economic Theory, Elsevier, vol. 158(PA), pages 371-406.
    47. Barsanetti, Bruno & Camargo, Braz, 2022. "Signaling in dynamic markets with adverse selection," Journal of Economic Theory, Elsevier, vol. 206(C).
    48. Benjamin Lester, 2013. "Breaking the ice: government interventions in frozen markets," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 19-25.
    49. Francesc Dilme & Fei Li:, 2012. "Dynamic Education Signaling with Dropout, Second Version," PIER Working Paper Archive 13-048, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Sep 2013.
    50. Francesc Dilme & Fei Li, 2013. "Dynamic Education Signaling with Dropout Risk, Third Version," PIER Working Paper Archive 14-014, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 24 Apr 2014.
    51. Jordan Martel & Kenneth Mirkin & Brian Waters, 2022. "Learning by Owning in a Lemons Market," Journal of Finance, American Finance Association, vol. 77(3), pages 1737-1785, June.
    52. Asano, Koji, 2023. "Liquidity Policies with Opacity," MPRA Paper 119531, University Library of Munich, Germany.
    53. Vincent Maurin, 2016. "Liquidity Fluctuations in Over the Counter Markets," 2016 Meeting Papers 218, Society for Economic Dynamics.
    54. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    55. Heng Liu, 2020. "Deadlines in the market for lemons," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 305-323, October.

  22. Benjamin Lester & Andrew Postlewaite & Randall Wright, 2008. "Information, Liquidity and Asset Prices," PIER Working Paper Archive 08-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

    Cited by:

    1. Ina Simonovska & Athanasios Geromichalos, 2011. "Asset Liquidity and International Portfolio Choice," 2011 Meeting Papers 756, Society for Economic Dynamics.
    2. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    3. Guillaume Rocheteau, 2011. "On the coexistence of money and higher-return assets and its social role," Working Papers (Old Series) 1104, Federal Reserve Bank of Cleveland.
    4. Mei Dong, 2009. "Money and Costly Credit," 2009 Meeting Papers 404, Society for Economic Dynamics.
    5. Aleksander Berentsen & Guido Menzio & Randall Wright, 2008. "Inflation and Unemployment in the Long Run," NBER Working Papers 13924, National Bureau of Economic Research, Inc.
    6. Yiting Li & Guillaume Rocheteau & Pierre-Olivier Weill, 2012. "Liquidity and the Threat of Fraudulent Assets," Journal of Political Economy, University of Chicago Press, vol. 120(5), pages 000.
    7. Yiting Li, 2011. "Currency and Checking Deposits as Means of Payment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(2), pages 403-417, April.
    8. Pedro Gomis-Porqueras & Timothy Kam & Junsang Lee, 2010. "Money, Capital And Exchange Rate Fluctuations," ANU Working Papers in Economics and Econometrics 2010-534, Australian National University, College of Business and Economics, School of Economics.
    9. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes," NBER Working Papers 17511, National Bureau of Economic Research, Inc.
    10. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    11. Guillaume Rocheteau, 2009. "Information and liquidity: a discussion," Working Papers (Old Series) 0902, Federal Reserve Bank of Cleveland.
    12. Young Sik Kim & Manjong Lee, 2012. "Recognizability and Liquidity of Assets," Korean Economic Review, Korean Economic Association, vol. 28, pages 241-259.
    13. Parag Waknis, 2011. "Endogenous Monetary Policy: A Leviathan Central Bank in a Lagos-Wright Economy," Working papers 2011-20, University of Connecticut, Department of Economics.
    14. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, sellers and middlemen: variations in search theory," Working Papers 691, Federal Reserve Bank of Minneapolis.

  23. Benjamin Lester, 2006. "A Model of Interbank Settlement," 2006 Meeting Papers 282, Society for Economic Dynamics.

    Cited by:

    1. George Selgin, 2012. "Mere quibbles: Bagus and Howden’s critique of the theory of free banking," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(2), pages 131-148, June.
    2. Philipp Bagus & David Howden, 2012. "Still unanswered quibbles with fractional reserve free banking," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(2), pages 159-171, June.
    3. Junfeng Qiu, 2011. "Bank money, aggregate liquidity, and asset prices," Annals of Economics and Finance, Society for AEF, vol. 12(2), pages 295-346, November.

Articles

  1. Lester, Benjamin & Shourideh, Ali & Venkateswaran, Venky & Zetlin-Jones, Ariel, 2023. "Market-making with search and information frictions," Journal of Economic Theory, Elsevier, vol. 212(C).
    See citations under working paper version above.
  2. Lester, Benjamin & Weill, Pierre-Olivier & Hugonnier, Julien, 2022. "Heterogeneity in decentralized asset markets," Theoretical Economics, Econometric Society, vol. 17(3), July.
    See citations under working paper version above.
  3. Mahyar Kargar & Benjamin Lester & David Lindsay & Shuo Liu & Pierre-Olivier Weill & Diego Zúñiga, 2021. "Corporate Bond Liquidity during the COVID-19 Crisis [The day coronavirus nearly broke the financial markets]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5352-5401.
    See citations under working paper version above.
  4. Julien Hugonnier & Benjamin Lester & Pierre-Olivier Weill, 2020. "Frictional Intermediation in Over-the-Counter Markets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(3), pages 1432-1469.
    See citations under working paper version above.
  5. Benjamin Lester & Ali Shourideh & Venky Venkateswaran & Ariel Zetlin-Jones, 2019. "Screening and Adverse Selection in Frictional Markets," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 338-377.
    See citations under working paper version above.
  6. Gara Afonso & Roc Armenter & Benjamin Lester, 2019. "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 177-204, July.
    See citations under working paper version above.
  7. Roc Armenter & Benjamin Lester, 2017. "Excess Reserves and Monetary Policy Implementation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 212-235, January.
    See citations under working paper version above.
  8. Lester, Benjamin & Visschers, Ludo & Wolthoff, Ronald, 2017. "Competing with asking prices," Theoretical Economics, Econometric Society, vol. 12(2), May.
    See citations under working paper version above.
  9. Braz Camargo & Kyungmin Kim & Benjamin Lester, 2016. "Information Spillovers, Gains from Trade, and Interventions in Frozen Markets," The Review of Financial Studies, Society for Financial Studies, vol. 29(5), pages 1291-1329.
    See citations under working paper version above.
  10. Benjamin Lester & Guillaume Rocheteau & Pierre‐Olivier Weill, 2015. "Competing for Order Flow in OTC Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 77-126, June.
    See citations under working paper version above.
  11. Benjamin Lester, 2015. "Why ask? the role of asking prices in transactions," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 1-4.

    Cited by:

    1. Benjamin Lester & Ludo Visschers & Ronald Wolthoff, 2014. "Competing with Asking Prices," Edinburgh School of Economics Discussion Paper Series 243, Edinburgh School of Economics, University of Edinburgh.

  12. Lester, Benjamin & Visschers, Ludo & Wolthoff, Ronald, 2015. "Meeting technologies and optimal trading mechanisms in competitive search markets," Journal of Economic Theory, Elsevier, vol. 155(C), pages 1-15.
    See citations under working paper version above.
  13. Camargo, Braz & Lester, Benjamin, 2014. "Trading dynamics in decentralized markets with adverse selection," Journal of Economic Theory, Elsevier, vol. 153(C), pages 534-568.
    See citations under working paper version above.
  14. Benjamin Lester, 2013. "Breaking the ice: government interventions in frozen markets," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 19-25.

    Cited by:

    1. Daniel R. Sanches, 2014. "Shadow banking and the crisis of 2007-08," Business Review, Federal Reserve Bank of Philadelphia, issue Q2, pages 7-14.
    2. Braz Camargo & Kyungmin Kim & Benjamin Lester, 2016. "Information Spillovers, Gains from Trade, and Interventions in Frozen Markets," The Review of Financial Studies, Society for Financial Studies, vol. 29(5), pages 1291-1329.

  15. Benjamin Lester & Nicola Persico & Ludo Visschers, 2012. "Information Acquisition and the Exclusion of Evidence in Trials," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 28(1), pages 163-182.

    Cited by:

    1. Aditya Kuvalekar & Jo~ao Ramos & Johannes Schneider, 2021. "The Wrong Kind of Information," Papers 2111.04172, arXiv.org, revised Jun 2022.
    2. Dhammika Dharmapala & Thomas J. Miceli, 2012. "Search, Seizure and (False?) Arrest: An Analysis of Fourth Amendment Remedies when Police can Plant Evidence," Working papers 2012-37, University of Connecticut, Department of Economics.
    3. Taneva, Ina A, 2015. "Information Design," SIRE Discussion Papers 2015-50, Scottish Institute for Research in Economics (SIRE).
    4. Bull, Jesse & Watson, Joel, 2019. "Statistical evidence and the problem of robust litigation," University of California at San Diego, Economics Working Paper Series qt4110q2cb, Department of Economics, UC San Diego.
    5. Lundberg, Alexander & Mungan, Murat, 2022. "The effect of evidentiary rules on conviction rates," Journal of Economic Behavior & Organization, Elsevier, vol. 203(C), pages 563-576.
    6. Elliot Lipnowski & Laurent Mathevet & Dong Wei, 2020. "Optimal Attention Management: A Tractable Framework," Papers 2006.07729, arXiv.org, revised Mar 2022.
    7. Ina A Taneva, 2015. "Information Design," Edinburgh School of Economics Discussion Paper Series 256, Edinburgh School of Economics, University of Edinburgh.

  16. Benjamin Lester & Andrew Postlewaite & Randall Wright, 2012. "Information, Liquidity, Asset Prices, and Monetary Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(3), pages 1209-1238.

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    1. Madison, Florian, 2024. "A microfounded approach to currency substitution and government policy," Journal of Economic Theory, Elsevier, vol. 219(C).
    2. David Andolfatto & Fernando M. Martin & Shengxing Zhang, 2015. "Rehypothecation and Liquidity," Working Papers 2015-3, Federal Reserve Bank of St. Louis.
    3. Elena Seghezza, 2018. "Can swap line arrangements help solve the Triffin dilemma? How?," The World Economy, Wiley Blackwell, vol. 41(10), pages 2691-2708, October.
    4. Ina Simonovska & Athanasios Geromichalos, 2011. "Asset Liquidity and International Portfolio Choice," 2011 Meeting Papers 756, Society for Economic Dynamics.
    5. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    6. Weill, Pierre-Olivier & Hugonnier, Julien & Lester, Benjamin, 2020. "Heterogeneity in Decentralized Asset Markets," CEPR Discussion Papers 14274, C.E.P.R. Discussion Papers.
    7. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "The Strategic Determination of the Supply of Liquid Assets," Working Papers 183, University of California, Davis, Department of Economics.
    8. van Buggenum, Hugo, 2023. "Coexistence of money and interest-bearing bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 153(C).
    9. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74010, University Library of Munich, Germany.
    10. Hiraguchi, Ryoji & Kobayashi, Keiichiro, 2025. "Inflation and entry costs in a monetary search model," Journal of Macroeconomics, Elsevier, vol. 83(C).
    11. Rocheteau, Guillaume & Weill, Pierre-Olivier & Wong, Russell, 2018. "A tractable model of monetary exchange with ex-post heterogeneity," Theoretical Economics, Econometric Society, vol. 13(3), September.
    12. Ding, Shuze & Puzzello, Daniela, 2020. "Legal restrictions and international currencies: An experimental approach," Journal of International Economics, Elsevier, vol. 126(C).
    13. Seungduck Lee, 2025. "Asset Liquidity and Monetary Policy," Annals of Economics and Finance, Society for AEF, vol. 26(1), pages 443-463, May.
    14. Tao Liu & Xiaosong Wang & Wing Thye Woo, 2024. "Network effect and international currency," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(3), pages 600-626, July.
    15. Ji Shen & Bin Wei & Hongjun Yan, 2018. "Financial Intermediation Chains in an OTC Market," FRB Atlanta Working Paper 2018-15, Federal Reserve Bank of Atlanta.
    16. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    17. William A. Branch & Nicolas Petrosky-Nadeau & Guillaume Rocheteau, 2014. "Financial Frictions, the Housing Market, and Unemployment," Working Paper Series 2014-26, Federal Reserve Bank of San Francisco.
    18. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    19. Samuel Huber & Jaehong Kim, 2015. "The role of trading frictions in financial markets," ECON - Working Papers 211, Department of Economics - University of Zurich, revised Jul 2017.
    20. Duffie, Darrell & Qiao, Lei & Sun, Yeneng, 2018. "Dynamic directed random matching," Journal of Economic Theory, Elsevier, vol. 174(C), pages 124-183.
    21. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014. "Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
    22. Emre Ozdenoren & Kathy Yuan & Shengxing Zhang, 2023. "Dynamic Asset-Backed Security Design," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(6), pages 3282-3314.
    23. Matsuoka, Tarishi & Watanabe, Makoto, 2019. "Banking crises and liquidity in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 108(C).
    24. Zhifeng Cai & Feng Dong, 2021. "A Model of Secular Migration from Centralized to Decentralized Trade," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 72(1), pages 201-244, July.
    25. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    26. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    27. Cristian Frasser & Lucie Lebeau, 2023. "Complementary Currencies and Liquidity: The Case of Coca-Base Money," Working Papers 2307, Federal Reserve Bank of Dallas.
    28. Cardozo, Marcos & Rosokha, Yaroslav & Zhang, Cathy, 2024. "On the emergence of international currencies: An experimental approach," Journal of Economic Behavior & Organization, Elsevier, vol. 228(C).
    29. Athanasios Geromichalos & Lucas Herrenbrueck, 2013. "Monetary Policy, Asset Prices, and Liquidity in Over-the-Counter Markets," Working Papers 262, University of California, Davis, Department of Economics.
    30. Charles M. Kahn & Francisco Rivadeneyra & Tsz-Nga Wong, 2018. "Should the Central Bank Issue E-money?," Staff Working Papers 18-58, Bank of Canada.
    31. Guillaume Rocheteau, 2011. "On the coexistence of money and higher-return assets and its social role," Working Papers (Old Series) 1104, Federal Reserve Bank of Cleveland.
    32. S. Boragan Aruoba & Christopher J. Waller, 2005. "Money and Capital," 2005 Meeting Papers 550, Society for Economic Dynamics.
    33. Wang, Zijian, 2020. "Liquidity and private information in asset markets: To signal or not to signal," Journal of Economic Theory, Elsevier, vol. 190(C).
    34. Feng Dong & Yi Wen, 2017. "Flight to What? — Dissecting Liquidity Shortages in the Financial Crisis," Working Papers 2017-25, Federal Reserve Bank of St. Louis.
    35. Jin, Gu & Zhu, Tao, 2017. "Nonneutrality of Money in Dispersion: Hume Revisited," MPRA Paper 79561, University Library of Munich, Germany.
    36. Jung, Kuk Mo & Lee, Seungduck, 2015. "A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle," MPRA Paper 64164, University Library of Munich, Germany.
    37. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: methods," Staff Report 442, Federal Reserve Bank of Minneapolis.
    38. Seghezza, Elena & Morelli, Pierluigi, 2018. "Rule of law and balance of power sustain US dollar preeminence," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 16-36.
    39. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73707, University Library of Munich, Germany.
    40. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    41. Shin-ichi Fukuda & Mariko Tanaka, 2022. "Economic Geography and a Theory of International Currency: Implications of a Random Matching Model," CIRJE F-Series CIRJE-F-1184, CIRJE, Faculty of Economics, University of Tokyo.
    42. Ricardo Lagos & Shengxing Zhang, 2018. "A Monetary Model of Bilateral Over-the-Counter Markets," NBER Working Papers 25239, National Bureau of Economic Research, Inc.
    43. Seungduck Lee & Kuk Mo Jung, 2019. "A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle," Working Papers 1902, Nam Duck-Woo Economic Research Institute, Sogang University (Former Research Institute for Market Economy).
    44. Garth Baughman & Jean Flemming, 2020. "Global Demand for Basket-Backed Stablecoins," Finance and Economics Discussion Series 2020-048, Board of Governors of the Federal Reserve System (U.S.).
    45. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
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    47. Chao Gu & Fabrizio Mattesini & Randall Wright, 2016. "Money and Credit Redux," Econometrica, Econometric Society, vol. 84, pages 1-32, January.
    48. Dominguez, Begona & Gomis-Porqueras, Pedro, 2016. "The Effects of Secondary Markets for Government Bonds on Inflation Dynamics," MPRA Paper 82444, University Library of Munich, Germany.
    49. Francesca Carapella & Stephen D. Williamson, 2014. "Credit markets, limited commitment, and government debt," Working Papers 2014-10, Federal Reserve Bank of St. Louis.
    50. Johnson, Christopher, 2016. "Differences of Opinion, Liquidity, and Monetary Policy," MPRA Paper 70951, University Library of Munich, Germany.
    51. Gabrovski, Miroslav & Geromichalos, Athanasios & Herrenbrueck, Lucas & Kospentaris, Ioannis & Lee, Sukjoon, 2025. "The real effects of financial disruptions in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    52. S. Boragan Aruoba & Morris A. Davis & Randall Wright, 2012. "Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes," NBER Working Papers 18276, National Bureau of Economic Research, Inc.
    53. Ben Lester & Braz Camargo, 2011. "Trading Dynamics in Decentralized Markets with Adverse Selection," 2011 Meeting Papers 1300, Society for Economic Dynamics.
    54. Athanasios Geromichalos & Kuk Mo Jung, 2019. "Monetary policy and efficiency in over‐the‐counter financial trade," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(4), pages 1699-1754, November.
    55. Yun Liu, 2022. "Housing and monetary policy: Fresh evidence from China," Financial Economics Letters, Anser Press, vol. 1(1), pages 1-12, December.
    56. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 73533, University Library of Munich, Germany.
    57. Aleksander Berentsen & Guido Menzio & Randall Wright, 2008. "Inflation and Unemployment in the Long Run," NBER Working Papers 13924, National Bureau of Economic Research, Inc.
    58. Saki Bigio & Javier Bianchi, 2014. "Banks, Liquidity Management and Monetary Policy," 2014 Meeting Papers 489, Society for Economic Dynamics.
    59. Sébastien Lotz & Françoise Vasselin, 2019. "A New Monetarist Model Of Fiat And E‐Money," Economic Inquiry, Western Economic Association International, vol. 57(1), pages 498-514, January.
    60. Hajime Tomura, 2020. "Nominal Contracts and the Payment System," Working Papers 1923, Waseda University, Faculty of Political Science and Economics.
    61. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
    62. Jonathan Chiu & Cesaire Meh & Randall Wright, 2011. "Innovation and growth with financial, and other, frictions," Working Papers 688, Federal Reserve Bank of Minneapolis.
    63. Yiting Li & Guillaume Rocheteau & Pierre-Olivier Weill, 2012. "Liquidity and the Threat of Fraudulent Assets," Journal of Political Economy, University of Chicago Press, vol. 120(5), pages 000.
    64. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    65. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    66. Roberto Robatto, 2019. "Online Appendix to "Systemic Banking Panics, Liquidity Risk, and Monetary Policy"," Online Appendices 18-235, Review of Economic Dynamics.
    67. Li, Ying-Syuan & Li, Yiting, 2013. "Liquidity and asset prices: A new monetarist approach," Journal of Monetary Economics, Elsevier, vol. 60(4), pages 426-438.
    68. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2014. "Financial innovations, money demand, and the welfare cost of inflation," ECON - Working Papers 136, Department of Economics - University of Zurich.
    69. Ji Shen & Bin Wei & Hongjun Yan, 2021. "Financial Intermediation Chains in an Over-the-Counter Market," Management Science, INFORMS, vol. 67(7), pages 4623-4642, July.
    70. Wright, Randall, 2010. "A uniqueness proof for monetary steady state," Journal of Economic Theory, Elsevier, vol. 145(1), pages 382-391, January.
    71. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    72. Wei Cui & Randall Wright & Yu Zhu, 2022. "Endogenous Liquidity and Capital Reallocation," Staff Working Papers 22-27, Bank of Canada.
    73. Yu Zhu & Randall Wright & Chao He, 2013. "Housing and Liquidity," 2013 Meeting Papers 168, Society for Economic Dynamics.
    74. Florian Madison, 2017. "Frictional asset reallocation under adverse selection," ECON - Working Papers 261, Department of Economics - University of Zurich, revised Jan 2018.
    75. Yu Zhu & Scott Hendry, 2019. "A Framework for Analyzing Monetary Policy in an Economy with E-money," Staff Working Papers 19-1, Bank of Canada.
    76. Geromichalos, Athanasios & Jung, Kuk Mo, 2024. "Heterogeneous asset valuation in OTC markets and optimal inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 161(C).
    77. Mariana Rojas Breu, 2017. "Debt enforcement and the value of money," Post-Print hal-01625581, HAL.
    78. Lagos, Ricardo & Zhang, Shengxing, 2020. "Turnover liquidity and the transmission of monetary policy," LSE Research Online Documents on Economics 105095, London School of Economics and Political Science, LSE Library.
    79. David Andolfatto & Aleksander Berentsen & Christopher Waller, 2015. "Monetary policy with asset-backed money," ECON - Working Papers 198, Department of Economics - University of Zurich.
    80. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2015. "Aggregate Unemployment and Household Unsecured Debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 77-100, January.
    81. Branch, William A., 2016. "Imperfect knowledge, liquidity and bubbles," Journal of Economic Dynamics and Control, Elsevier, vol. 62(C), pages 17-42.
    82. Baughman, Garth & Rabinovich, Stanislav, 2021. "Capacity choice, monetary trade, and the cost of inflation," European Economic Review, Elsevier, vol. 134(C).
    83. Seon Tae Kim & Alessandro Marchesiani, 2024. "Market intelligence gathering, asymmetric information, and the instability of money demand," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1216-1245, July.
    84. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    85. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes," NBER Working Papers 17511, National Bureau of Economic Research, Inc.
    86. Lorenzo Carbonari & Fabrizio Mattesini & Robert J. Waldmann, 2023. "Inflation and Welfare in a Competitive Search Equilibrium with Asymmetric Information," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 717-746, June.
    87. Guillaume Rocheteau & Lucie Lebeau & Tai-Wei Hu & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," Working Papers 181904, University of California-Irvine, Department of Economics.
    88. Ricardo Lagos & Shengxing Zhang, 2015. "Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises," NBER Working Papers 21528, National Bureau of Economic Research, Inc.
    89. Mei Dong & Stella Huangfu, 2021. "Money and Costly Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(6), pages 1449-1478, September.
    90. Jung, Kuk Mo & Pyun, Ju Hyun, 2016. "International reserves for emerging economies: A liquidity approach," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 230-257.
    91. Javier A. Birchenall, 2025. "Plague and prejudice: disease, discrimination, and social exclusion," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 80(1), pages 381-415, August.
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    93. Michele Loberto, 2019. "Safety traps, liquidity and information-sensitive assets," Temi di discussione (Economic working papers) 1216, Bank of Italy, Economic Research and International Relations Area.
    94. Tarishi Matsuoka & Makoto Watanabe, 2023. "A Monetary Equilibrium with the Lender of Last Resort," CESifo Working Paper Series 10439, CESifo.
    95. Athanasios Geromichalos & Kuk Mo Jung & Seungduck Lee & Dillon Carlos, 2019. "Asset Liquidity in Monetary Theory and Finance: A Unified Approach," Working Papers 330, University of California, Davis, Department of Economics.
    96. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 74615, University Library of Munich, Germany.
    97. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    98. Farhi, Emmanuel & Tirole, Jean, 2012. "Liquid Bundles," IDEI Working Papers 736, Institut d'Économie Industrielle (IDEI), Toulouse, revised Oct 2013.
    99. Antonio Rodriguez‐Lopez, 2021. "Liquidity and the International Allocation of Economic Activity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 789-830, May.
    100. Lee, Seungduck, 2016. "Money, Asset Prices and the Liquidity Premium," MPRA Paper 75869, University Library of Munich, Germany.
    101. Geromichalos, Athanasios & Herrenbrueck, Lucas M. & Salyer, Kevin D., 2016. "A search-theoretic model of the term premium," Theoretical Economics, Econometric Society, vol. 11(3), September.
    102. van Buggenum, Hugo, 2021. "Coexistence of Money and Interest-Bearing Bonds," Other publications TiSEM 0bd7c6fc-3779-4bf3-9100-0, Tilburg University, School of Economics and Management.
    103. Athanasios Geromichalos & Jiwon Lee & Seungduck Lee & Keita Oikawa, 2014. "Over-the-Counter Trade and the Value of Assets as Collateral," Working Papers 96, University of California, Davis, Department of Economics.
    104. Russell Wong & Cathy Zhang & Guillaume Rocheteau, 2017. "Lending Relationships, Banking Crises and Optimal Monetary Policies," 2017 Meeting Papers 152, Society for Economic Dynamics.
    105. Liu, Tao & Lu, Dong & Zhang, Ruifeng, 2017. "Currency choice in international trade: a new monetarist approach and firm-level evidence," MPRA Paper 79149, University Library of Munich, Germany.
    106. Bajaj, Ayushi, 2018. "Undefeated equilibria of the Shi–Trejos–Wright model under adverse selection," Journal of Economic Theory, Elsevier, vol. 176(C), pages 957-986.
    107. van Buggenum, Hugo & Uras, Burak, 2019. "Money, Asset Markets and Efficiency of Capital Formation," Discussion Paper 2019-002, Tilburg University, Center for Economic Research.
    108. Matsuoka, Tarishi, 2022. "Asset prices and standing facilities in a monetary economy," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    109. Jacquet, Nicolas L. & Tan, Serene, 2012. "Money and asset prices with uninsurable risks," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 784-797.
    110. Johannes Matschke, 2021. "International Financial Regulation: The Role of Banking Sector Sizes," Research Working Paper RWP 21-13, Federal Reserve Bank of Kansas City, revised 10 Jul 2024.
    111. Berentsen, Aleksander & Kraenzlin, Sébastien & Müller, Benjamin, 2018. "Exit strategies for monetary policy," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 20-40.
    112. Athanasios Geromichalos & Lucas Herrenbrueck & Sukjoon Lee, 2023. "Asset Safety versus Asset Liquidity," Journal of Political Economy, University of Chicago Press, vol. 131(5), pages 1172-1212.
    113. Jang, Inkee & Kang, Kee-Youn, 2021. "Adverse selection and costly information acquisition in asset markets," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    114. Chao Gu & Guido Menzio & Randall Wright & Yu Zhu, 2024. "Market Freezes," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(6), pages 1291-1320, September.
    115. Geromichalos, Athanasios & Wang, Yijing, 2024. "Money and Competing Means of Payment," MPRA Paper 121388, University Library of Munich, Germany.
    116. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    117. Diarmid Weir, 2013. "Fiat Money, Individual Rationality and Production," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 573-590, November.
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    119. Wang, Chenxi, 2023. "A model of international currency with private information," Journal of International Money and Finance, Elsevier, vol. 131(C).
    120. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
    121. Rocheteau, Guillaume & Wang, Lu, 2023. "Endogenous liquidity and volatility," Journal of Economic Theory, Elsevier, vol. 210(C).
    122. Choi, Michael & Rocheteau, Guillaume, 2023. "A model of retail banking and the deposits channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 127-147.
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    124. Joseph Abadi & Jesús Fernández-Villaverde & Daniel R. Sanches, 2025. "International Currency Dominance," Working Papers 25-20, Federal Reserve Bank of Philadelphia.
    125. Andrew K. Rose & Mark M. Spiegel, 2012. "Central Bank Swaps And International Dollar Illiquidity," Global Journal of Economics (GJE), World Scientific Publishing Co. Pte. Ltd., vol. 1(01), pages 1-20.
    126. Hu, Tai-Wei & Rocheteau, Guillaume, 2020. "Bargaining under liquidity constraints: Unified strategic foundations of the Nash and Kalai solutions," Journal of Economic Theory, Elsevier, vol. 189(C).
    127. Choi, Michael, 2018. "Imperfect information transmission and adverse selection in asset markets," Journal of Economic Theory, Elsevier, vol. 176(C), pages 619-649.
    128. Roberto Robatto, 2018. "Flight to Liquidity and Systemic Bank Runs," 2018 Meeting Papers 276, Society for Economic Dynamics.
    129. Florian Madison, 2016. "Asymmetric information in frictional markets for liquidity: collateralized credit vs asset sale," ECON - Working Papers 220, Department of Economics - University of Zurich, revised Nov 2020.
    130. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    131. Timothy Kam & Pere Gomis-Porqueras & Christopher J. Waller, 2013. "Breaking the Kareken and Wallace Indeterminacy Result," ANU Working Papers in Economics and Econometrics 2013-613, Australian National University, College of Business and Economics, School of Economics.
    132. Chao Gu & Cyril Monnet & Ed Nosal & Randall Wright, 2023. "Diamond-Dybvig and Beyond: On the Instability of Banking," FRB Atlanta Working Paper 2023-02, Federal Reserve Bank of Atlanta.
    133. Choi, Michael & Rocheteau, Guillaume, 2024. "Foundations of market power in monetary economies," Journal of Economic Theory, Elsevier, vol. 222(C).
    134. Rocheteau, Guillaume & Rodriguez-Lopez, Antonio, 2014. "Liquidity provision, interest rates, and unemployment," Journal of Monetary Economics, Elsevier, vol. 65(C), pages 80-101.
    135. Kang, Kee-Youn, 2024. "Digital currency and privacy," Theoretical Economics, Econometric Society, vol. 19(1), January.
    136. Guillaume Rocheteau & Ed Nosal, 2008. "Pairwise Trade, Asset Prices and Monetary Policy," 2008 Meeting Papers 774, Society for Economic Dynamics.
    137. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    138. Yuchi Chu & Yiting Li, 2024. "Secured Loans and Risky Assets in a Monetary Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 395-427, March.
    139. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    140. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    141. Chien-Chiang Wang, 2021. "Online Appendix to "Asset Market Frictions, Household Heterogeneity, and the Liquidity Theory of the Term Structure"," Online Appendices 19-500, Review of Economic Dynamics.
    142. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2021. "The assets’ pledgeability channel of unconventional monetary policy," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1547-1568, October.
    143. Christoph Frei & Qianhong Huang, 2023. "Traditional and digital currencies in over-the-counter markets," Mathematics and Financial Economics, Springer, volume 17, number 4, December.
    144. Athanasios Geromichalos & Lucas Herrenbrueck & Sukjoon Lee, 2022. "Online Appendix to "The Strategic Determination of the Supply of Liquid Assets"," Online Appendices 22-72, Review of Economic Dynamics.
    145. Liu, Tao, 2016. "Trade finance and international currency: a moneatary search approach," MPRA Paper 68834, University Library of Munich, Germany.
    146. McLeod, Alex, 2021. "Discovery, disclosure, and confidence," International Review of Law and Economics, Elsevier, vol. 66(C).
    147. Roberto Robatto, 2015. "Financial Crises and Systemic Bank Runs in a Dynamic Model of Banking," 2015 Meeting Papers 483, Society for Economic Dynamics.
    148. Marcos Cardozo & Yaroslav Rosokha & Cathy Zhang, 2024. "On the Emergence of International Currencies: An Experimental Approach," Purdue University Economics Working Papers 1351, Purdue University, Department of Economics.
    149. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    150. Geromichalos, Athanasios & Jung, Kuk Mo & Lee, Seungduck & Carlos, Dillon, 2021. "A model of endogenous direct and indirect asset liquidity," European Economic Review, Elsevier, vol. 132(C).
    151. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    152. Tai-Wei Hu & Guillaume Rocheteau & Lucie Lebeau & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," 2018 Meeting Papers 606, Society for Economic Dynamics.
    153. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2012. "Degreasing the wheels of finance," ECON - Working Papers 101, Department of Economics - University of Zurich.

  17. Benjamin Lester & Andrew Postlewaite & Randall Wright, 2011. "Information and Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 355-377, October.

    Cited by:

    1. Elena Seghezza, 2018. "Can swap line arrangements help solve the Triffin dilemma? How?," The World Economy, Wiley Blackwell, vol. 41(10), pages 2691-2708, October.
    2. Derek G. Stacey, 2011. "Tenure Insecurity, Adverse Selection, And Liquidity In Rural Land Markets," Working Paper 1269, Economics Department, Queen's University.
    3. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    4. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014. "Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
    5. Rocheteau, Guillaume, 2011. "Payments and liquidity under adverse selection," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 191-205.
    6. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: methods," Staff Report 442, Federal Reserve Bank of Minneapolis.
    7. Seghezza, Elena & Morelli, Pierluigi, 2018. "Rule of law and balance of power sustain US dollar preeminence," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 16-36.
    8. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    9. Cipriani, Marco & La Spada, Gabriele, 2020. "Investors' Appetite for Money-Like Assets: The MMF Industry after the 2014 Regulatory Reform," CEPR Discussion Papers 14375, C.E.P.R. Discussion Papers.
    10. Guillaume Rocheteau, 2008. "Money and competing assets under private information," 2008 Meeting Papers 525, Society for Economic Dynamics.
    11. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
    12. Hendrickson, Joshua R. & Salter, Alexander William, 2016. "Money, liquidity, and the structure of production," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 314-328.
    13. Aleksander Berentsen & Guido Menzio & Randall Wright, 2008. "Inflation and Unemployment in the Long Run," NBER Working Papers 13924, National Bureau of Economic Research, Inc.
    14. Jonathan Chiu & Cesaire Meh & Randall Wright, 2011. "Innovation and growth with financial, and other, frictions," Working Papers 688, Federal Reserve Bank of Minneapolis.
    15. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    16. Yiting Li & Guillaume Rocheteau & Pierre-Olivier Weill, 2012. "Liquidity and the Threat of Fraudulent Assets," Journal of Political Economy, University of Chicago Press, vol. 120(5), pages 000.
    17. Yankuo Qiao, 2025. "The nexus of top management structure, stock liquidity and valuation: a puzzle of the Gordian knot," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(3), pages 822-853, September.
    18. Berentsen, Aleksander & McBride, Michael & Rocheteau, Guillaume, 2017. "Limelight on dark markets: Theory and experimental evidence on liquidity and information," Journal of Economic Dynamics and Control, Elsevier, vol. 75(C), pages 70-90.
    19. Enchuan Shao, 2013. "The Threat of Counterfeiting in Competitive Search Equilibrium," Staff Working Papers 13-22, Bank of Canada.
    20. Yu Zhu & Randall Wright & Chao He, 2013. "Housing and Liquidity," 2013 Meeting Papers 168, Society for Economic Dynamics.
    21. Randall Wright & Guido Menzio & Aleksander Berentsen, 2007. "Inflation and unemployment: Lagos-Wright meets Mortensen-Pissarides," 2007 Meeting Papers 237, Society for Economic Dynamics.
    22. Bignon, Vincent & Dutu, Richard, 2017. "Coin Assaying And Commodity Money," Macroeconomic Dynamics, Cambridge University Press, vol. 21(6), pages 1305-1335, September.
    23. Cao, Jie & Zou, Zhongyang & Yang, Xin & Xiong, Xiong, 2025. "How does social media shape stock liquidity? The role of investor online communication networks," International Review of Financial Analysis, Elsevier, vol. 103(C).
    24. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    25. Hajime Tomura, 2012. "Asset Illiquidity and Market Shutdowns in Competitive Equilibrium," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(3), pages 283-294, July.
    26. Michele Loberto, 2019. "Safety traps, liquidity and information-sensitive assets," Temi di discussione (Economic working papers) 1216, Bank of Italy, Economic Research and International Relations Area.
    27. Stephen D. Williamson, 2012. "Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach," American Economic Review, American Economic Association, vol. 102(6), pages 2570-2605, October.
    28. Aleksander Berentsen & Alessandro Marchesiani & Christopher J. Waller, 2010. "Channel systems: Why is there a positive spread?," Working Papers 2010-049, Federal Reserve Bank of St. Louis.
    29. Andrew K. Rose & Mark M. Spiegel, 2011. "Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis," NBER Working Papers 17359, National Bureau of Economic Research, Inc.
    30. Guillaume Rocheteau, 2009. "Information and liquidity: a discussion," Working Papers (Old Series) 0902, Federal Reserve Bank of Cleveland.
    31. Leo Ferraris & Makoto Watanabe, 2012. "Liquidity Constraints In A Monetary Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(1), pages 255-277, February.
    32. Bajaj, Ayushi, 2018. "Undefeated equilibria of the Shi–Trejos–Wright model under adverse selection," Journal of Economic Theory, Elsevier, vol. 176(C), pages 957-986.
    33. Wang, Chenxi, 2023. "A model of international currency with private information," Journal of International Money and Finance, Elsevier, vol. 131(C).
    34. Tai-Wei Hu, 2013. "Imperfect recognizability and coexistence of money and higher-return assets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 53(1), pages 111-138, May.
    35. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    36. Abdullah Ibrahim Nazal, 2015. "Affected of Human Resource Value on Balance Sheet Adjusted," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 4(7), pages 418-424.
    37. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    38. Williamson, Stephen, 2009. "Liquidity, Financial Intermediation, and Monetary Policy in a New Monetarist Model," MPRA Paper 20692, University Library of Munich, Germany.
    39. Guillaume Rocheteau, 2011. "Discussion of “Information and Liquidity”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 379-384, October.
    40. Guillaume Rocheteau, 2009. "A monetary approach to asset liquidity," Working Papers (Old Series) 0901, Federal Reserve Bank of Cleveland.

  18. Benjamin Lester, 2011. "Information and Prices with Capacity Constraints," American Economic Review, American Economic Association, vol. 101(4), pages 1591-1600, June.

    Cited by:

    1. Pedro Gomis‐Porqueras & Benoit Julien & Chengsi Wang, 2017. "Strategic Advertising And Directed Search," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 58(3), pages 783-806, August.
    2. Kim, Jaehong & Li, Mengling & Xu, Menghan, 2025. "Priority search with outside options," Theoretical Economics, Econometric Society, vol. 20(3), July.
    3. Seyed Mohammadreza Davoodalhosseini, 2020. "Adverse Selection With Heterogeneously Informed Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(3), pages 1307-1358, August.
    4. Atayev, Atabek, 2022. "Uncertain product availability in search markets," Journal of Economic Theory, Elsevier, vol. 204(C).
    5. Benjamin Lester & Guillaume Rocheteau & Pierre-Olivier Weill, 2015. "Competing for Order Flow in OTC Markets," Post-Print hal-04149211, HAL.
    6. Athanasios Geromichalos, 2015. "Unemployment Insurance and Optimal Taxation in a Search Model of the Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 365-380, April.
    7. David M. Arseneau & Ryan Chahrour & Sanjay K. Chugh & Alan Finkelstein Shapiro, 2015. "Optimal Fiscal and Monetary Policy in Customer Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(4), pages 617-672, June.
    8. Atabek Atayev, 2021. "Uncertain Product Availability in Search Markets," Papers 2109.15211, arXiv.org.
    9. Donna, Javier D. & Schenone, Pablo & Veramendi, Gregory F., 2020. "Networks, frictions, and price dispersion," Munich Reprints in Economics 84735, University of Munich, Department of Economics.
    10. Stanislav Rabinovich & Ronald Wolthoff, 2020. "Misallocation Effects of Labor Market Frictions," Working Papers tecipa-662, University of Toronto, Department of Economics.
    11. Pu-yan Nie & Han-geng Qiu & Hong-xing Wen & Chan Wang, 2025. "Do scarce resource inputs promote or reduce patent values and innovation? A game theory approach," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 34(6), pages 920-937, August.
    12. Pu‐yan Nie, 2025. "Effects of Uniform Capacity Constraints on Quantity–Quality Competition," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(5), pages 3189-3199, July.
    13. Tom‐Reiel Heggedal & Leif Helland & Espen R. Moen, 2024. "Sequential Price Setting: Theory And Evidence From A Lab Experiment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(2), pages 693-727, May.
    14. Baughman, Garth & Rabinovich, Stanislav, 2019. "Self-confirming price dispersion in monetary economies," Journal of Economic Theory, Elsevier, vol. 183(C), pages 284-311.
    15. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2017. "A new suggestion for simplifying the theory of money," Journal of Economic Theory, Elsevier, vol. 172(C), pages 423-450.
    16. Christopher The & Chengsi Wang & Makoto Watanabe, 2023. "Strategic Limitation of Market Accessibility: Search Platform Design and Welfare," CIGS Working Paper Series 23-004E, The Canon Institute for Global Studies.
    17. Nicolas Vincent & Oleksiy Kryvtsov, 2015. "On the Importance of Sales for Aggregate Price Flexibility," 2015 Meeting Papers 46, Society for Economic Dynamics.
    18. Paulina Restrepo-Echavarria & Antonella Tutino & Anton Cheremukhin, 2017. "Targeted Search in Matching Markets," 2017 Meeting Papers 1413, Society for Economic Dynamics.
    19. Enchuan Shao, 2013. "The Threat of Counterfeiting in Competitive Search Equilibrium," Staff Working Papers 13-22, Bank of Canada.
    20. Okhunjanov, Botir B. & McCluskey, Jill J. & Mittelhammer, Ron C., 2025. "Underpricing and perceived scarcity," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    21. Anton Cheremukhin & Paulina Restrepo-Echavarria, 2021. "Wage Setting Under Targeted Search," Working Papers 2111, Federal Reserve Bank of Dallas.
    22. Nie, Pu-yan & Wang, Chan & Wen, Hong-xing, 2021. "Horizontal mergers under uniform resource constraints," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    23. Anton Cheremukhin & Paulina Restrepo-Echavarria & Antonella Tutino, 2014. "A theory of targeted search," Working Papers 1402, Federal Reserve Bank of Dallas.
    24. Wang, Chaojun, 2023. "The limits of multi-dealer platforms," Journal of Financial Economics, Elsevier, vol. 149(3), pages 434-450.
    25. Pedro Gomis-Porqueras & Benoit Julien & Chengsi Wang, 2012. "Informative Advertising in Directed Search," Discussion Papers 2012-26, School of Economics, The University of New South Wales.
    26. Xu, Yujing & Yang, Huanxing, 2019. "Targeted search with horizontal differentiation in the marriage market," Journal of Economic Behavior & Organization, Elsevier, vol. 164(C), pages 31-62.
    27. Pedro Gomis-Porqueras & Benoit Julien & Chengsi Wang, 2010. "Pricing, Advertising, and Market Structure with Frictions," Discussion Papers 2010-20, School of Economics, The University of New South Wales.
    28. Nikhil Vellodi, 2018. "Ratings Design and Barriers to Entry," Working Papers 18-13, NET Institute.
    29. Nie, Pu-yan & Chen, You-hua, 2012. "Duopoly competitions with capacity constrained input," Economic Modelling, Elsevier, vol. 29(5), pages 1715-1721.
    30. Randall Wright & Sylvia Xiao & Yu Zhu, 2020. "Frictional Capital Reallocation with Ex Post Heterogeneity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 227-253, August.
    31. Helland, Leif & Moen, Espen R. & Preugschat, Edgar, 2017. "Information and coordination frictions in experimental posted offer markets," Journal of Economic Theory, Elsevier, vol. 167(C), pages 53-74.
    32. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    33. Pu-yan Nie, 2014. "Effects of capacity constraints on mixed duopoly," Journal of Economics, Springer, vol. 112(3), pages 283-294, July.
    34. Rabinovich Stanislav, 2017. "Revisiting Multiplicity of Bubble Equilibria in a Search Model with Posted Prices," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 17(1), pages 1-15, January.
    35. Athanasios Geromichalos, 2014. "Directed Search And The Bertrand Paradox," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(4), pages 1043-1065, November.
    36. Xiang, Shuai & Shi, Chun-lai & Zhou, Qin & Geng, Wei, 2025. "When should suppliers introduce a live-stream channel: The role of limited supply capacity," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 199(C).
    37. Huanxing Yang, 2020. "Targeted search, endogenous market segmentation, and wage inequality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(2), pages 367-414, March.
    38. Shi, Shouyong, 2023. "Sequentially mixed search and equilibrium price dispersion," Journal of Economic Theory, Elsevier, vol. 213(C).
    39. Chengsi Wang & Makoto Watanabe, 2021. "Directed Search on a Platform: Meet Fewer to Match More," Monash Economics Working Papers 2021-02, Monash University, Department of Economics.
    40. Atayev, Atabek, 2021. "Uncertain product availability in search markets," ZEW Discussion Papers 21-089, ZEW - Leibniz Centre for European Economic Research.
    41. Espen Moen & Anna Godøy, 2013. "Mixed search," 2013 Meeting Papers 857, Society for Economic Dynamics.
    42. Saara Hämäläinen & Vaiva Petrikaitė, 2024. "Prediction algorithms in matching platforms," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(3), pages 979-1020, November.
    43. Katharina Momsen, 2021. "The effects of price information and communication in markets with capacity constraints: An experiment," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 30(4), pages 871-892, November.
    44. Petrikaite, Vaiva & Hämäläinen, Saara, 2018. "Mobility with private information and privacy suppression," CEPR Discussion Papers 12860, C.E.P.R. Discussion Papers.
    45. Efraim Berkovich, 2011. "Search and herding effects in peer-to-peer lending: evidence from prosper.com," Annals of Finance, Springer, vol. 7(3), pages 389-405, August.
    46. Makoto WATANABE & José L. Moraga-González, 2023. "Price equilibrium with selling constraints," CIGS Working Paper Series 23-012E, The Canon Institute for Global Studies.
    47. Zachary Bethune & Joaquín Saldain & Eric R. Young, 2024. "Consumer Credit Regulation and Lender Market Power," Staff Working Papers 24-36, Bank of Canada.
    48. Miao Chun-Hui, 2020. "Search and Bidding Costs," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 20(2), pages 1-7, April.
    49. Rabinovich, Stanislav & Wolthoff, Ronald, 2022. "Misallocation inefficiency in partially directed search," Journal of Economic Theory, Elsevier, vol. 206(C).
    50. Maier, Carl G. & Marencak, Michal, 2017. "Uninformed buyers and market efficiency," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168207, Verein für Socialpolitik / German Economic Association.
    51. Inés Berniell, 2018. "Pay Cycles: Individual and Aggregate Effects of Paycheck Frequency," CEDLAS, Working Papers 0221, CEDLAS, Universidad Nacional de La Plata.
    52. Kyungmin Kim & Philipp Kircher, 2013. "Efficient Competition through Cheap Talk: Competing Auctions and Competitive Search without Ex Ante Price Commitment," Edinburgh School of Economics Discussion Paper Series 235, Edinburgh School of Economics, University of Edinburgh.
    53. Peter Norman, 2017. "Matching with Frictions and Entry with Poisson Distributed Buyers and Sellers," 2017 Meeting Papers 1150, Society for Economic Dynamics.
    54. Ce Huang, 2016. "Price dispersion in a directed search model," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 49(3), pages 1208-1223, August.
    55. BERNIELL, Inés, 2016. "Waiting for the paycheck : individual and aggregate effects of wage payment," Economics Working Papers MWP2016/05, European University Institute.
    56. Anbarci, Nejat & Dutu, Richard & Feltovich, Nick, 2015. "Inflation tax in the lab: a theoretical and experimental study of competitive search equilibrium with inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 61(C), pages 17-33.
    57. Nejat Anbarci & Nick Feltovich, 2018. "Pricing in Competitive Search Markets: The Roles of Price Information and Fairness Perceptions," Management Science, INFORMS, vol. 64(3), pages 1101-1120, March.
    58. Lester, Benjamin, 2010. "Directed search with multi-vacancy firms," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2108-2132, November.
    59. Gautier, Pieter A. & Moraga-González, José L., 2018. "Search intensity, wage dispersion and the minimum wage," Labour Economics, Elsevier, vol. 50(C), pages 80-86.

  19. Lester, Benjamin, 2010. "Directed search with multi-vacancy firms," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2108-2132, November.

    Cited by:

    1. Philipp Kircher & Leo Kaas, 2010. "Efficient Firm Dynamics in a Frictional Labor Market," 2010 Meeting Papers 89, Society for Economic Dynamics.
    2. Rendon, Sílvio, 2025. "Testing for wage-specific search intensity," Journal for Labour Market Research, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 59(1), pages 1-3.
    3. Pere Gomis-Porqueras & Benoit Julien & Liang Wang, 2016. "Competitive Search with Ex-post Opportunism," Working Papers 201607, University of Hawaii at Manoa, Department of Economics.
    4. Athanasios Geromichalos, 2015. "Unemployment Insurance and Optimal Taxation in a Search Model of the Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 365-380, April.
    5. Anton Cheremukhin & Paulina Restrepo-Echavarria, 2010. "The labor wedge as a matching friction," Working Papers 1004, Federal Reserve Bank of Dallas.
    6. Kaas Leo, 2010. "Variable Search Intensity with Coordination Unemployment," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-33, October.
    7. William B. Hawkins, 2011. "Bargaining with Commitment between Workers and Large Firms," 2011 Meeting Papers 308, Society for Economic Dynamics.
    8. Athanasios Geromichalos, 2012. "Directed Search and the Bertrand Paradox," Working Papers 243, University of California, Davis, Department of Economics.
    9. Moritz Ritter & John Kennes & Benoit Julien, 2013. "Bidding for Teams," 2013 Meeting Papers 989, Society for Economic Dynamics.
    10. Tan, Serene, 2022. "Income inequality and endogenous market structure under directed search," Journal of Economic Theory, Elsevier, vol. 201(C).
    11. Fei Li & Can Tian, 2012. "Directed Search and Job Rotation," PIER Working Paper Archive 12-024, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    12. Li, Fei & Tian, Can, 2011. "Directed search and job rotation," MPRA Paper 33875, University Library of Munich, Germany.
    13. Pedro Gomis-Porqueras & Benoit Julien & Chengsi Wang, 2012. "Informative Advertising in Directed Search," Discussion Papers 2012-26, School of Economics, The University of New South Wales.
    14. Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    15. Mats Godenhielm & Klaus Kultti, 2014. "Capacity Choice in a Large Market," PLOS ONE, Public Library of Science, vol. 9(8), pages 1-7, August.
    16. Klaus Kultti & Mats Godenhielm, 2011. "Directed search with endogenous capacity," 2011 Meeting Papers 1025, Society for Economic Dynamics.
    17. Petrikaite, Vaiva & Hämäläinen, Saara, 2018. "Mobility with private information and privacy suppression," CEPR Discussion Papers 12860, C.E.P.R. Discussion Papers.
    18. Kaas, Leo, 2008. "Variable Search Intensity in an Economy with Coordination Unemployment," IZA Discussion Papers 3697, Institute of Labor Economics (IZA).
    19. Ruslan Shavshin & Marina Sandomirskaia, 2024. "Pricing, Market Power, And Friction In A Finite Market: The Role Of Capacities," HSE Working papers WP BRP 267/EC/2024, National Research University Higher School of Economics.
    20. Athanasios Geromichalos, 2010. "Directed Search and Optimal Production," Working Papers 140, University of California, Davis, Department of Economics.
    21. Klaus Kultti & Eeva Mauring, 2014. "Low price signals high capacity," Journal of Economics, Springer, vol. 112(2), pages 165-181, June.
    22. Gabriele Camera & Cemil Selcuk, 2010. "Multi-player Bargaining with Endogenous Capacity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(3), pages 637-653, July.

  20. Lester Benjamin, 2009. "Settlement Systems," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-35, May.

    Cited by:

    1. Martin, Antoine & McAndrews, James, 2010. "A study of competing designs for a liquidity-saving mechanism," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1818-1826, August.
    2. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    3. Benjamin Lester, 2006. "A Model of Interbank Settlement," 2006 Meeting Papers 282, Society for Economic Dynamics.

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