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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859

CITATIONS
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in Total Papers Citations

94

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 183 (163,655)
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 106 (253,178)
Citation 8

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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 84 (294,468)

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Excess Reserves, Federal Funds Market, Federal Funds Rate

4.
Downloads 78 (307,813)
Citation 7

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 46 (407,141)

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
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 (476,856)
Citation 1

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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 2 (665,901)
Citation 1

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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 56 (372,220)

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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 (654,731)
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6.
Downloads 60 (354,485)
Citation 3

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 29 (482,079)

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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 25 (505,111)
Citation 1

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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 6 (630,954)

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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 40 (430,754)

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

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 33 (461,759)

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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 16 (562,471)

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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 7 (623,830)
Citation 1

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9.

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 47 (396,214)
Citation 1

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

10.

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 43 (410,581)

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excess reserves, federal funds market, federal funds rate

11.
Downloads 37 (434,035)
Citation 22

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 28 (487,574)
Citation 3

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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 (609,880)
Citation 1

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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 32 (455,198)

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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 11 (596,108)
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 8 (616,776)
Citation 1

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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 10 (578,557)
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 5 (610,781)
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