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

Ricardo Lagos () and Guillaume Rocheteau ()

No 701, Working Paper from Federal Reserve Bank of Cleveland

Abstract: 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.

Keywords: Portfolio; management (search for similar items in EconPapers)
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Date: 2007
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Journal Article: Search in Asset Markets: Market Structure, Liquidity, and Welfare (2007)
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Persistent link: http://EconPapers.repec.org/RePEc:fip:fedcwp:0701

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