Search in asset markets: market structure, liquidity, and welfare

This paper investigates how market structure affects efficiency and several dimensions of liquidity in an asset market. To this end, we generalize the search-theoretic model of financial intermediation of Darrell Duffie et al. (2005) to allow for entry of dealers and unrestricted asset holdings.

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Year of publication:	2007
Authors:	Lagos, Ricardo ; Rocheteau, Guillaume
Institutions:	Federal Reserve Bank of Cleveland
Subject:	Portfolio management

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Extent:	application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 0701
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005729103