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

  • Federal Reserve Banks - Federal Reserve Bank of Philadelphia

SCHOLARLY PAPERS

19

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1,652

SSRN CITATIONS
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Top 2,466

in Total Papers Citations

443

CROSSREF CITATIONS

135

Scholarly Papers (19)

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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 204 (228,781)
Citation 4

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Money, Asset Pricing, Liquidity

2.

Frictional Intermediation in Over-the-Counter Markets

Downloads 153 (293,277)
Citation 20

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 74 (488,155)
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
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 (541,632)
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
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 16 (837,460)

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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
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 (972,337)
Citation 13
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Bargaining, Heterogeneous Agents, intermediation, Over-the-counter markets, search frictions

3.

Corporate Bond Liquidity During the Covid-19 Crisis

Downloads 142 (311,496)
Citation 31

Corporate Bond Liquidity During the Covid-19 Crisis

NBER Working Paper No. w27355
Number of pages: 81 Posted: 15 Jun 2020 Last Revised: 30 Sep 2022
Mahyar Kargar, Benjamin R. Lester, Daivd Lindsay, Shuo Liu, Pierre-Olivier Weill and Diego Zúñiga
Gies College of Business, 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 141 (313,959)

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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
Mahyar Kargar, Benjamin R. Lester, Daivd Lindsay, Shuo Liu, Pierre-Olivier Weill and Diego Zúñiga
Gies College of Business, 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 (982,656)
Citation 3
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corporate bonds, COVID-19, intermediation, liquidity, SMCCF

4.

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 142 (311,496)
Citation 2

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Excess Reserves, Federal Funds Market, Federal Funds Rate

5.

Heterogeneity in Decentralized Asset Markets

Downloads 134 (325,894)
Citation 12

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 67 (515,711)

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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 44 (628,845)
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
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 23 (775,903)
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
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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
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
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Citation 5
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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
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

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search frictions, bargaining, heterogeneity, price dispersion

6.

'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 123 (347,434)
Citation 39

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Money, Asset Pricing, Liquidity

7.

Screening and Adverse Selection in Frictional Markets

Downloads 99 (404,225)
Citation 43

Screening and Adverse Selection in Frictional Markets

Number of pages: 77 Posted: 26 Dec 2016
Benjamin R. Lester, Ali Shourideh, Venky Venkateswaran, Venky Venkateswaran and Ariel Zetlin-Jones
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 50 (595,504)

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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
Benjamin R. Lester, Ali Shourideh, Venky Venkateswaran, Venky Venkateswaran and Ariel Zetlin-Jones
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 31 (713,484)

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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
Benjamin R. Lester, Ali Shourideh, Venky Venkateswaran, Venky Venkateswaran and Ariel Zetlin-Jones
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 18 (818,996)
Citation 32

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8.

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

Downloads 97 (409,684)
Citation 7

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 64 (528,427)
Citation 7

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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 33 (699,300)

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

9.

Competing with Asking Prices

Downloads 92 (424,030)
Citation 7

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, Ronald P. Wolthoff and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and VU University Amsterdam - Department of EconomicsUniversity of Toronto - Department of Economics
Downloads 38 (665,534)
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, Ronald P. Wolthoff and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and VU University Amsterdam - Department of EconomicsUniversity of Toronto - Department of Economics
Downloads 36 (678,855)
Citation 4

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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, Ronald P. Wolthoff and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and VU University Amsterdam - Department of EconomicsUniversity of Toronto - Department of Economics
Downloads 18 (818,996)

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

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 71 (493,298)
Citation 22

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

11.

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 68 (504,836)
Citation 8

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excess reserves, federal funds market, federal funds rates

12.

Competing for Order Flow in OTC Markets

Downloads 60 (537,619)
Citation 36

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 41 (646,934)
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 19 (810,085)
Citation 11

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13.

The Heterogeneous Impact of Referrals on Labor Market Outcomes

Downloads 59 (541,999)
Citation 7

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 48 (606,266)
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 11 (885,393)
Citation 3

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

14.

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 46 (604,687)

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Market freeze, Price discovery

15.

Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets

Downloads 44 (615,341)
Citation 15

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, Ronald P. Wolthoff and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and VU University Amsterdam - Department of EconomicsUniversity of Toronto - Department of Economics
Downloads 26 (751,420)
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, Ronald P. Wolthoff and Ronald P. Wolthoff
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Universidad Carlos III de Madrid - Department of Economics and VU University Amsterdam - Department of EconomicsUniversity of Toronto - Department of Economics
Downloads 18 (818,996)
Citation 15

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search frictions, matching function, meeting technology, competing mechanisms

16.

Screening and Adverse Selection in Frictional Markets

FRB of Philadelphia Working Paper No. 17-35
Number of pages: 90 Posted: 18 Oct 2017
Benjamin R. Lester, Venky Venkateswaran, Venky Venkateswaran and Ariel Zetlin-Jones
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 41 (632,196)

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

17.

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 34 (674,266)
Citation 5

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Government Intervention, government policy

18.

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
Benjamin R. Lester, Ali Shourideh, Venky Venkateswaran, Venky Venkateswaran and Ariel Zetlin-Jones
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 27 (721,584)

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

19.

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
Benjamin R. Lester, Ali Shourideh, Venky Venkateswaran, Venky Venkateswaran and Ariel Zetlin-Jones
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 16 (808,925)

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