Benjamin Lester

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

SCHOLARLY PAPERS

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Scholarly Papers (3)

Frictional Intermediation in Over-the-Counter Markets

FRB of Philadelphia Working Paper No. 19-10
Number of pages: 80 Posted: 06 Feb 2019 Last Revised: 21 Feb 2019
Julien Hugonnier, Benjamin Lester and Pierre-Olivier Weill
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 9 (600,954)

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Over-the-counter markets, search frictions, bargaining, heterogeneous agents, intermediation

Frictional Intermediation in Over-the-Counter Markets

CEPR Discussion Paper No. DP13126
Number of pages: 82 Posted: 17 Sep 2018
Julien Hugonnier, Benjamin Lester and Pierre-Olivier Weill
Swiss Federal Institute of Technology Lausanne - Ecole Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 2 (655,418)
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Bargaining, Heterogeneous Agents, intermediation, Over-the-counter markets, search frictions

A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow

FRB of Philadelphia Working Paper No. 18-10
Number of pages: 44 Posted: 23 Feb 2018
Roc Armenter and Benjamin Lester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 16 (554,818)

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Monetary Policy Implementation, Federal Funds Market, Over-the-Counter Markets

3.

Market-Making with Search and Information Frictions

FRB of Philadelphia Working Paper No. 18-20
Number of pages: 54 Posted: 13 Aug 2018 Last Revised: 21 Feb 2019
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Finance Department, New York University (NYU) - Leonard N. Stern School of Business and University of Minnesota - Twin Cities - Department of Economics
Downloads 4 (608,057)

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Adverse selection, trading frictions, bid-ask spreads, liquidity, learning