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

15

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Top 47,170

in Total Papers Downloads

907

SSRN CITATIONS
Rank 4,747

SSRN RANKINGS

Top 4,747

in Total Papers Citations

86

CROSSREF CITATIONS

144

Scholarly Papers (15)

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 185 (169,491)
Citation 4

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Money, Asset Pricing, Liquidity

2.

'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 107 (262,700)
Citation 21

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Money, Asset Pricing, Liquidity

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 89 (296,621)

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Excess Reserves, Federal Funds Market, Federal Funds Rate

4.
Downloads 83 (309,871)
Citation 9

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
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 50 (409,736)
Citation 1

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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
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 30 (498,028)
Citation 1

Abstract:

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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
Julien Hugonnier, Benjamin R. 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 3 (683,726)
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
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 0
Citation 2
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Bargaining, Heterogeneity, price dispersion, search frictions

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
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 61 (372,272)

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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
Julien Hugonnier, Benjamin R. 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 3 (683,726)
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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 45 (428,883)

Abstract:

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

7.
Downloads 63 (361,240)
Citation 6

Competing with Asking Prices

FRB of Philadelphia Working Paper No. 13-7
Number of pages: 44 Posted: 08 Feb 2013
Benjamin R. Lester, Ludo Visschers and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 30 (498,028)
Citation 3

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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
Benjamin R. Lester, Ludo Visschers and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 26 (521,299)
Citation 2

Abstract:

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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
Benjamin R. Lester, Ludo Visschers and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 7 (652,141)

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

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, New York University (NYU) - Leonard N. Stern School of Business and University of Minnesota - Twin Cities - Department of Economics
Downloads 35 (472,508)

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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
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 18 (573,843)

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: 14 Jan 2016
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 8 (644,852)
Citation 6

Abstract:

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9.

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 51 (399,409)
Citation 1

Abstract:

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excess reserves, federal funds market, federal funds rate

10.

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 48 (409,794)
Citation 15

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

11.
Downloads 38 (448,859)
Citation 23

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, University of California, Irvine and University of California, Los Angeles
Downloads 29 (503,464)
Citation 3

Abstract:

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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: 29 Oct 2014
Benjamin R. Lester, Guillaume Rocheteau and Pierre-Olivier Weill
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of California, Irvine and University of California, Los Angeles
Downloads 9 (637,525)
Citation 3

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12.

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 33 (470,687)

Abstract:

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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
Benjamin R. Lester, Ludo Visschers and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 12 (615,868)
Citation 1

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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
Benjamin R. Lester, Ludo Visschers and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and University of Toronto - Department of Economics
Downloads 9 (637,525)
Citation 6

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search frictions, matching function, meeting technology, competing mechanisms

14.

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 13 (585,151)
Citation 1

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Government Intervention, government policy

15.

Market-Making with Search and Information Frictions

NBER Working Paper No. w24648
Number of pages: 54 Posted: 30 May 2018
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Carnegie Mellon University - David A. Tepper School of Business, New York University (NYU) - Leonard N. Stern School of Business and University of Minnesota - Twin Cities - Department of Economics
Downloads 6 (631,734)

Abstract:

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