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A model of the federal funds market: Yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...
Persistent link: https://www.econbiz.de/10011942785
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Heterogeneity in decentralized asset markets
Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier - In: Theoretical Economics 17 (2022) 3, pp. 1313-1356
characterization offers a richer framework for confronting data from real-world markets, and reveals a number of new economic insights …
Persistent link: https://www.econbiz.de/10014537009
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A model of the federal funds market : yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - In: Review of economic dynamics 33 (2019), pp. 177-204
Persistent link: https://www.econbiz.de/10012312191
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A model of the federal funds market : yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...
Persistent link: https://www.econbiz.de/10011806257
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A model of the federal funds market : yesterday, today, and tomorrow
Afonso, Gara; Armenter, Roc; Lester, Benjamin - 2018
The landscape of the federal funds market changed drastically in the wake of the Great Recession as large-scale asset purchase programs left depository institutions awash with reserves, and new regulations made it more costly for these institutions to lend. As traditional levers for implementing...
Persistent link: https://www.econbiz.de/10011891810
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Frictional intermediation in over-the-counter markets
Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier - In: The review of economic studies : RES 87 (2020) 3, pp. 1432-1469
Persistent link: https://www.econbiz.de/10012208064
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Competing for order flow in OTC markets
Lester, Benjamin; Rocheteau, Guillaume; Weill, … - Federal Reserve Bank of Philadelphia - 2014
market for corporate bonds. Third, dealers’ implicit bargaining powers are endogenous and typically vary across sub-markets …
Persistent link: https://www.econbiz.de/10010752601
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Heterogeneity in decentralized asset markets
Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 3, pp. 1313-1356
characterization offers a richer framework for confronting data from real-world markets and reveals a number of new economic insights …
Persistent link: https://www.econbiz.de/10013327129
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Competing with asking prices
Lester, Benjamin; Visschers, Ludo; Wolthoff, Ronald - Federal Reserve Bank of Philadelphia - 2013
In many markets, sellers advertise their good with an asking price. This is a price at which the seller is willing to … variety of real world markets, asking prices have received little attention in the academic literature. We construct an …
Persistent link: https://www.econbiz.de/10010628488