Bartolini, Leonardo (contributor); … - 2008
gridlock equi-
librium may emerge, whereby most payments are withheld until late in the business day, at
which point they are … invalidate the use of settlement-based proxies of
interbank trades to study the behavior of money markets over the business day … the business day following delivery), leaving us with 174,345 trades, of which
64.8 percent were federal funds trades and …