Benjamin R. Lester

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Senior Economist

Ten Independence Mall

Philadelphia, PA 19106-1574

United States

http://sites.google.com/site/benjaminrlester

SCHOLARLY PAPERS

21

DOWNLOADS
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SSRN RANKINGS

Top 41,294

in Total Papers Downloads

2,241

SSRN CITATIONS
Rank 2,055

SSRN RANKINGS

Top 2,055

in Total Papers Citations

697

CROSSREF CITATIONS

130

Scholarly Papers (21)

1.

Information, Liquidity and Asset Prices

PIER Working Paper No. 08-039
Number of pages: 36 Posted: 20 Oct 2008
Benjamin R. Lester, Andrew Postlewaite and Randall Wright
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Wisconsin - Madison - Department of Finance, Investment and Banking
Downloads 219 (255,059)
Citation 4

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Money, Asset Pricing, Liquidity

2.
Downloads 188 (293,344)
Citation 32

Frictional Intermediation in Over-the-Counter Markets

Swiss Finance Institute Research Paper No. 18-59
Number of pages: 81 Posted: 27 Aug 2018 Last Revised: 18 Jan 2019
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 87 (533,842)
Citation 1

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Over-the-Counter Markets, Search Frictions, Bargaining, Heterogeneous Agents, Intermediation

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: 29 Apr 2020
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 80 (562,691)
Citation 1

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

Frictional Intermediation in Over-the-Counter Markets

NBER Working Paper No. w24956
Number of pages: 80 Posted: 17 Sep 2018 Last Revised: 11 Mar 2023
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 19 (983,642)

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Frictional Intermediation in Over-the-Counter Markets

CEPR Discussion Paper No. DP13126
Number of pages: 82 Posted: 17 Sep 2018
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 2 (1,151,612)
Citation 13
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Bargaining, Heterogeneous Agents, intermediation, Over-the-counter markets, search frictions

3.

Excess Reserves and Monetary Policy Normalization

FRB of Philadelphia Working Paper No. 15-35
Number of pages: 40 Posted: 06 Oct 2015
Roc Armenter and Benjamin R. Lester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 168 (323,797)
Citation 2

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Excess Reserves, Federal Funds Market, Federal Funds Rate

4.
Downloads 168 (323,797)
Citation 19

Heterogeneity in Decentralized Asset Markets

Swiss Finance Institute Research Paper No. 14-67
Number of pages: 86 Posted: 05 Dec 2014 Last Revised: 05 Apr 2018
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 77 (575,613)

Abstract:

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search frictions, bargaining, continuum of types, price dispersion, intermediation chains.

Heterogeneity in Decentralized Asset Markets

FRB of Philadelphia Working Paper No. 15-22
Number of pages: 73 Posted: 29 May 2015
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 57 (678,119)
Citation 2

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Search Frictions, Bargaining, Continuum of Types, Price Dispersion

Heterogeneity in Decentralized Asset Markets

NBER Working Paper No. w20746
Number of pages: 85 Posted: 15 Dec 2014 Last Revised: 10 Mar 2023
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 34 (841,041)
Citation 1

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Heterogeneity in Decentralized Asset Markets

CEPR Discussion Paper No. DP14014
Number of pages: 58 Posted: 07 Oct 2019
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
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Bargaining, Heterogeneity, price dispersion, search frictions

Heterogeneity in Decentralized Asset Markets

CEPR Discussion Paper No. DP14274
Number of pages: 58 Posted: 14 Jan 2020
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 0
Citation 11
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Bargaining, Heterogeneity, price dispersion, search frictions

Heterogeneity in Decentralized Asset Markets

FRB of Philadelphia Working Paper No. 19-44
Posted: 27 Nov 2019
Julien Hugonnier, Benjamin R. Lester and Pierre-Olivier Weill
École Polytechnique Fédérale de Lausanne, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles

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search frictions, bargaining, heterogeneity, price dispersion

5.
Downloads 157 (342,973)
Citation 84

Corporate Bond Liquidity During the Covid-19 Crisis

NBER Working Paper No. w27355
Number of pages: 81 Posted: 15 Jun 2020 Last Revised: 31 Mar 2023
University of Illinois at Urbana-Champaign, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of California, Los Angeles (UCLA) - Department of Economics, Tsinghua University - Tsinghua University School of Economics and Management, University of California, Los Angeles and University of California, Los Angeles (UCLA)
Downloads 156 (345,035)
Citation 1

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Corporate Bond Liquidity During the Covid-19 Crisis

CEPR Discussion Paper No. DP15231
Number of pages: 84 Posted: 12 Sep 2020 Last Revised: 22 Sep 2021
University of Illinois at Urbana-Champaign, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of California, Los Angeles (UCLA) - Department of Economics, Tsinghua University - School of Economics & Management, University of California, Los Angeles and affiliation not provided to SSRN
Downloads 1 (1,160,700)
Citation 89
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corporate bonds, COVID-19, intermediation, liquidity, SMCCF

6.
Downloads 133 (391,743)
Citation 45

Screening and Adverse Selection in Frictional Markets

Number of pages: 77 Posted: 26 Dec 2016
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Finance Department, Federal Reserve Banks - Federal Reserve Bank of MinneapolisNew York University (NYU) - Leonard N. Stern School of Business and Carnegie Mellon University
Downloads 63 (644,323)

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Screening and Adverse Selection in Frictional Markets

FRB of Philadelphia Working Paper No. 16-10
Number of pages: 78 Posted: 30 Mar 2016 Last Revised: 11 Apr 2016
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Finance Department, Federal Reserve Banks - Federal Reserve Bank of MinneapolisNew York University (NYU) - Leonard N. Stern School of Business and Carnegie Mellon University
Downloads 41 (785,246)

Abstract:

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Adverse selection, Imperfect competition, Screening, Transparency, Search theory

Screening and Adverse Selection in Frictional Markets

NBER Working Paper No. w21833
Number of pages: 95 Posted: 04 Jan 2016 Last Revised: 20 Nov 2022
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Finance Department, Federal Reserve Banks - Federal Reserve Bank of MinneapolisNew York University (NYU) - Leonard N. Stern School of Business and Carnegie Mellon University
Downloads 29 (884,630)
Citation 38

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7.

'Information, Liquidity, Asset Prices and Monetary Policy', Second Version

PIER Working Paper No. 10-040
Number of pages: 51 Posted: 19 Dec 2010
Benjamin R. Lester, Andrew Postlewaite and Randall Wright
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Wisconsin - Madison - Department of Finance, Investment and Banking
Downloads 132 (393,999)
Citation 40

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Money, Asset Pricing, Liquidity

8.
Downloads 129 (401,208)
Citation 9

Competing with Asking Prices

FRB of Philadelphia Working Paper No. 13-7
Number of pages: 44 Posted: 08 Feb 2013
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Charles III University of Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 52 (708,635)
Citation 2

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Asking Prices, Competing Mechanism Design, Auctions with Entry, Competitive Search

Competing with Asking Prices

CESifo Working Paper Series No. 5945
Number of pages: 44 Posted: 13 Jul 2016
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Charles III University of Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 48 (735,101)
Citation 8

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asking prices, posted prices, auctions, competing mechanisms, competitive search

Competing with Asking Prices

IZA Discussion Paper No. 7163
Number of pages: 45 Posted: 02 Feb 2013
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Charles III University of Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 29 (884,630)

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asking prices, competing mechanism design, auctions with entry, competitive search

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

FRB of New York Staff Report No. 840
Number of pages: 44 Posted: 28 Feb 2018
Gara Afonso, Roc Armenter and Benjamin R. Lester
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 77 (575,613)
Citation 7

Abstract:

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monetary policy implementation, federal funds market, over-the-counter markets

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 Last Revised: 29 Apr 2020
Roc Armenter and Benjamin R. Lester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 43 (770,272)

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

The Heterogeneous Impact of Referrals on Labor Market Outcomes

FRB of Philadelphia Working Paper No. 21-34
Number of pages: 52 Posted: 04 Nov 2021
Benjamin R. Lester, David Rivers and Giorgio Topa
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Western Ontario - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 67 (623,210)
Citation 3

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Labor Markets, Referrals, Networks, Search Theory, Asymmetric Information

The Heterogeneous Impact of Referrals on Labor Market Outcomes

FRB of New York Staff Report No. 987
Number of pages: 52 Posted: 11 Oct 2021
Benjamin R. Lester, David Rivers and Giorgio Topa
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Western Ontario - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 51 (715,074)
Citation 18

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labor markets, referrals, networks, search theory, asymmetric information

11.

Inventory, Market Making, and Liquidity in OTC Markets

Number of pages: 55 Posted: 08 Dec 2023 Last Revised: 19 Jan 2024
Assa Cohen, Mahyar Kargar, Benjamin R. Lester and Pierre-Olivier Weill
affiliation not provided to SSRN, University of Illinois at Urbana-Champaign, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of California, Los Angeles
Downloads 88 (524,945)

Abstract:

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Over-the-counter markets, intermediation, liquidity, dealer inventory, financial regulation

12.
Downloads 87 (528,613)
Citation 40

Competing for Order Flow in OTC Markets

FRB of Philadelphia Working Paper No. 14-9
Number of pages: 50 Posted: 20 Mar 2014
Benjamin R. Lester, Guillaume Rocheteau and Pierre-Olivier Weill
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Cleveland and University of California, Los Angeles
Downloads 59 (666,510)
Citation 2

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Over-the-counter markets, OTC Markets, Order Flow

Competing for Order Flow in OTC Markets

NBER Working Paper No. w20608
Number of pages: 53 Posted: 22 Oct 2014 Last Revised: 24 Apr 2022
Benjamin R. Lester, Guillaume Rocheteau and Pierre-Olivier Weill
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Cleveland and University of California, Los Angeles
Downloads 28 (893,772)
Citation 11

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13.

Excess Reserves and Monetary Policy Implementation

FRB of Philadelphia Working Paper No. 16-33
Number of pages: 41 Posted: 30 Nov 2016
Roc Armenter and Benjamin R. Lester
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 85 (536,176)
Citation 8

Abstract:

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excess reserves, federal funds market, federal funds rates

14.

Trading Dynamics in Decentralized Markets with Adverse Selection

FRB of Philadelphia Working Paper No. 11-36
Number of pages: 59 Posted: 06 Sep 2011
Benjamin R. Lester and Braz Camargo
Federal Reserve Banks - Federal Reserve Bank of Philadelphia and University of Western Ontario - Department of Economics
Downloads 84 (540,069)
Citation 29

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Adverse Selection, Decentralized Trade, Liquidity, Market Freeze and Re- covery

Sequential Search for Corporate Bonds

Number of pages: 68 Posted: 16 Nov 2023 Last Revised: 26 Jan 2024
University of Illinois at Urbana-Champaign, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Wisconsin - Madison and University of California, Los Angeles
Downloads 75 (584,730)

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Over-the-counter markets, intermediation, corporate bonds, time-to-trade

Sequential Search for Corporate Bonds

NBER Working Paper No. w31904
Number of pages: 69 Posted: 27 Nov 2023
University of Illinois at Urbana-Champaign, Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Wisconsin - Madison and University of California, Los Angeles
Downloads 3 (1,143,205)
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16.

Subsidizing Price Discovery

FRB of Philadelphia Working Paper No. 13-20
Number of pages: 43 Posted: 13 May 2013
Braz Camargo, Kyungmin Kim and Benjamin R. Lester
University of Western Ontario - Department of Economics, University of Iowa and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 68 (608,759)

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Market freeze, Price discovery

Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets

FRB of Philadelphia Working Paper No. 14-15
Number of pages: 21 Posted: 08 May 2014
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Charles III University of Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 38 (808,353)
Citation 1

Abstract:

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search frictions, matching function, meeting technology, competing mechanisms

Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets

IZA Discussion Paper No. 8357
Number of pages: 26 Posted: 02 Aug 2014
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Charles III University of Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 25 (922,352)
Citation 19

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search frictions, matching function, meeting technology, competing mechanisms

18.

Screening and Adverse Selection in Frictional Markets

FRB of Philadelphia Working Paper No. 17-35
Number of pages: 90 Posted: 18 Oct 2017
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Federal Reserve Banks - Federal Reserve Bank of MinneapolisNew York University (NYU) - Leonard N. Stern School of Business and Carnegie Mellon University
Downloads 55 (676,286)

Abstract:

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Adverse Selection, Imperfect Competition, Screening, Transparency, Search Theory

19.

Information Spillovers, Gains from Trade, and Interventions in Frozen Markets

FRB of Philadelphia Working Paper No. 16-28
Number of pages: 65 Posted: 04 Nov 2016
Braz Camargo, Kyungmin Kim and Benjamin R. Lester
Getulio Vargas Foundation (FGV) - Sao Paulo School of Economics, University of Iowa and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 47 (724,909)
Citation 5

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Government Intervention, government policy

20.

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: 29 Apr 2020
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Pennsylvania - Finance Department, Federal Reserve Banks - Federal Reserve Bank of MinneapolisNew York University (NYU) - Leonard N. Stern School of Business and Carnegie Mellon University
Downloads 35 (809,983)

Abstract:

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

21.

Market-Making with Search and Information Frictions

NBER Working Paper No. w24648
Number of pages: 54 Posted: 30 May 2018 Last Revised: 20 Nov 2022
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Carnegie Mellon University - David A. Tepper School of Business, Federal Reserve Banks - Federal Reserve Bank of MinneapolisNew York University (NYU) - Leonard N. Stern School of Business and Carnegie Mellon University
Downloads 19 (952,135)

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