rates of return to compensate agents for their relative lack of liquidity. Consistent with empirical findings, our model …

-to-sell increase with the relative size of their outstanding mortgages. In turn, the liquidity of the housing market associated with …

block trades. The search model incorporates two aspects of illiquidity, or search frictions. First, upon a liquidity shock …, the incumbent blockholders may be forced to sell to a less efficient buyer. Second, a block liquidity sale may occur at a … result absent liquidity shocks. Our results help shed light into the size of the marketability discount, the control discount …

state to compensate agents for their relative lack of liquidity. Second, since the difference in the yield of short and long … liquidity. …

We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The … a decline in yields, while they have opposite effects on market liquidity. This results in a price-liquidity trade …-off. Initially, liquidity improves in reaction to central bank demand. As the central bank buys and holds bonds, supply becomes …