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Details about Benjamin R. Lester

Homepage:http://benjaminrlester.com
Workplace:Department of Economics, University of Western Ontario, (more information at EDIRC)
Department of Economics, University of Pennsylvania, (more information at EDIRC)
Research Department, Federal Reserve Bank of Philadelphia, (more information at EDIRC)

Access statistics for papers by Benjamin R. Lester.

Last updated 2024-01-04. Update your information in the RePEc Author Service.

Short-id: ple283


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Working Papers

2025

  1. Sequential Search for Corporate Bonds
    Working Papers, Federal Reserve Bank of Philadelphia Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023) Downloads View citations (2)

2024

  1. Inventory, Market Making, and Liquidity in OTC Markets
    Working Papers, Federal Reserve Bank of Philadelphia Downloads

2021

  1. The Heterogeneous Impact of Referrals on Labor Market Outcomes
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (3)
    Also in Staff Reports, Federal Reserve Bank of New York (2021) Downloads View citations (3)

2020

  1. Corporate Bond Liquidity During the COVID-19 Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (48)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2020) View citations (28)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) Downloads View citations (46)

    See also Journal Article Corporate Bond Liquidity during the COVID-19 Crisis, The Review of Financial Studies, Society for Financial Studies (2021) Downloads View citations (62) (2021)
  2. Heterogeneity in Decentralized Asset Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (4)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2015) Downloads View citations (16)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019) Downloads
    2016 Meeting Papers, Society for Economic Dynamics (2016) Downloads View citations (12)
    NBER Working Papers, National Bureau of Economic Research, Inc (2014) Downloads View citations (44)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2014) Downloads View citations (35)
    Working Papers, Federal Reserve Bank of Philadelphia (2019)

    See also Journal Article Heterogeneity in decentralized asset markets, Theoretical Economics, Econometric Society (2022) Downloads View citations (4) (2022)

2019

  1. Frictional Intermediation in Over-the-Counter Markets
    2019 Meeting Papers, Society for Economic Dynamics Downloads View citations (6)
    Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2018) Downloads View citations (6)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2018) Downloads View citations (6)
    NBER Working Papers, National Bureau of Economic Research, Inc (2018) Downloads View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) Downloads View citations (7)
    Working Papers, Federal Reserve Bank of Philadelphia (2019) Downloads View citations (5)

    See also Journal Article Frictional Intermediation in Over-the-Counter Markets, The Review of Economic Studies, Review of Economic Studies Ltd (2020) Downloads View citations (19) (2020)

2018

  1. A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (2)
    Also in Staff Reports, Federal Reserve Bank of New York (2018) Downloads View citations (1)

    See also Journal Article A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2019) Downloads View citations (19) (2019)
  2. Job Referrals and Skills
    2018 Meeting Papers, Society for Economic Dynamics Downloads View citations (1)
  3. Market-making with Search and Information Frictions
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (5)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) Downloads View citations (9)
    Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics (2018) Downloads View citations (9)

    See also Journal Article Market-making with search and information frictions, Journal of Economic Theory, Elsevier (2023) Downloads View citations (1) (2023)
  4. Size Is Not All: Distribution of Bank Reserves and Fed Funds Dynamics
    Liberty Street Economics, Federal Reserve Bank of New York Downloads

2017

  1. Market-Making with Search and Private Information
    2017 Meeting Papers, Society for Economic Dynamics Downloads
  2. Screening and Adverse Selection in Frictional Markets
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (3)
    Also in 2015 Meeting Papers, Society for Economic Dynamics (2015) Downloads View citations (18)
    Working Papers, Federal Reserve Bank of Philadelphia (2016) Downloads View citations (4)
    Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics (2016) Downloads View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2015) Downloads View citations (21)

    See also Journal Article Screening and Adverse Selection in Frictional Markets, Journal of Political Economy, University of Chicago Press (2019) Downloads View citations (41) (2019)

2016

  1. Adverse Selection, Search Frictions and Liquidity in Financial Markets
    2016 Meeting Papers, Society for Economic Dynamics Downloads
  2. Competing with Asking Prices
    CESifo Working Paper Series, CESifo Downloads View citations (5)
    Also in Working Papers, University of Toronto, Department of Economics (2013) Downloads View citations (18)
    Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (2015) Downloads View citations (2)
    2015 Meeting Papers, Society for Economic Dynamics (2015) Downloads View citations (8)
    IZA Discussion Papers, Institute of Labor Economics (IZA) (2013) Downloads View citations (17)
    Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (2014) Downloads View citations (2)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2014) Downloads
    UC3M Working papers. Economics, Universidad Carlos III de Madrid. Departamento de Economía (2014) Downloads
    Working Papers, Federal Reserve Bank of Philadelphia (2013) Downloads View citations (5)

    See also Journal Article Competing with asking prices, Theoretical Economics, Econometric Society (2017) Downloads View citations (21) (2017)
  3. Excess Reserves and Monetary Policy Implementation
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (5)
    See also Journal Article Excess Reserves and Monetary Policy Implementation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2017) Downloads View citations (45) (2017)
  4. INFORMATION SPILLOVERS, GAINS FROM TRADE, AND INTERVENTIONS IN FROZEN MARKETS
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (12)
    See also Journal Article Information Spillovers, Gains from Trade, and Interventions in Frozen Markets, The Review of Financial Studies, Society for Financial Studies (2016) Downloads View citations (14) (2016)
  5. Interviews and the Assignment of Workers to Firms
    2016 Meeting Papers, Society for Economic Dynamics Downloads View citations (1)

2015

  1. Competing for Order Flow in OTC Markets
    Post-Print, HAL View citations (2)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2014) Downloads View citations (16)
    NBER Working Papers, National Bureau of Economic Research, Inc (2014) Downloads View citations (10)

    See also Journal Article Competing for Order Flow in OTC Markets, Journal of Money, Credit and Banking, Blackwell Publishing (2015) Downloads View citations (29) (2015)
  2. Dynamic Relational Contracts under Complete Information
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) Downloads
  3. Excess Reserves and Monetary Policy Normalization
    2015 Meeting Papers, Society for Economic Dynamics Downloads View citations (10)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2015) Downloads View citations (10)

2014

  1. Decentralized Asset Markets with a Continuum of Types
    2014 Meeting Papers, Society for Economic Dynamics Downloads
  2. Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets
    IZA Discussion Papers, Institute of Labor Economics (IZA) Downloads View citations (2)
    Also in Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (2014) Downloads View citations (2)
    2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (2)
    Working Papers, Federal Reserve Bank of Philadelphia (2014) Downloads View citations (2)
    UC3M Working papers. Economics, Universidad Carlos III de Madrid. Departamento de Economía (2014) Downloads View citations (2)
    Working Papers, University of Toronto, Department of Economics (2014) Downloads View citations (5)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2014) Downloads View citations (4)

    See also Journal Article Meeting technologies and optimal trading mechanisms in competitive search markets, Journal of Economic Theory, Elsevier (2015) Downloads View citations (65) (2015)
  3. OTC Trading vs. Exchanges: A welfare comparison
    2014 Meeting Papers, Society for Economic Dynamics Downloads

2013

  1. Subsidizing price discovery
    Working Papers, Federal Reserve Bank of Philadelphia Downloads View citations (3)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) Downloads View citations (8)

2012

  1. Asking Prices and Inspection Goods
    2012 Meeting Papers, Society for Economic Dynamics Downloads
  2. Interviews and the Assignment of Workers to Jobs
    2012 Meeting Papers, Society for Economic Dynamics Downloads View citations (4)

2011

  1. Trading Dynamics in Decentralized Markets with Adverse Selection
    2011 Meeting Papers, Society for Economic Dynamics Downloads View citations (18)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2011) Downloads View citations (29)
    2010 Meeting Papers, Society for Economic Dynamics (2010) Downloads View citations (5)

    See also Journal Article Trading dynamics in decentralized markets with adverse selection, Journal of Economic Theory, Elsevier (2014) Downloads View citations (55) (2014)

2010

  1. Information, Liquidity, Asset Prices and Monetary Policy, Second Version
    PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania Downloads

2008

  1. Endogenous, State-Dependent Matching with Implications for the Cyclical Behavior of Unemployment
    2008 Meeting Papers, Society for Economic Dynamics Downloads
  2. Information, Liquidity and Asset Prices
    PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania Downloads View citations (18)

2006

  1. A Model of Interbank Settlement
    2006 Meeting Papers, Society for Economic Dynamics Downloads View citations (4)

Journal Articles

2024

  1. It’s Not Just Who You Know, It’s How You Know Them
    Economic Insights, 2024, 9, (1), 12-17 Downloads

2023

  1. Market-making with search and information frictions
    Journal of Economic Theory, 2023, 212, (C) Downloads View citations (1)
    See also Working Paper Market-making with Search and Information Frictions, Working Papers (2018) Downloads View citations (5) (2018)

2022

  1. Heterogeneity in decentralized asset markets
    Theoretical Economics, 2022, 17, (3) Downloads View citations (4)
    See also Working Paper Heterogeneity in Decentralized Asset Markets, CEPR Discussion Papers (2020) Downloads View citations (4) (2020)

2021

  1. Corporate Bond Liquidity during the COVID-19 Crisis
    (The day coronavirus nearly broke the financial markets)
    The Review of Financial Studies, 2021, 34, (11), 5352-5401 Downloads View citations (62)
    See also Working Paper Corporate Bond Liquidity During the COVID-19 Crisis, NBER Working Papers (2020) Downloads View citations (48) (2020)
  2. When COVID-19 Reached the Corporate Bond Market
    Economic Insights, 2021, 6, (3), 2-9 Downloads

2020

  1. Frictional Intermediation in Over-the-Counter Markets
    The Review of Economic Studies, 2020, 87, (3), 1432-1469 Downloads View citations (19)
    See also Working Paper Frictional Intermediation in Over-the-Counter Markets, 2019 Meeting Papers (2019) Downloads View citations (6) (2019)

2019

  1. A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
    Review of Economic Dynamics, 2019, 33, 177-204 Downloads View citations (19)
    See also Working Paper A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow, Working Papers (2018) Downloads View citations (2) (2018)
    Software Item Code and data files for "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow", Computer Codes (2019) Downloads (2019)
  2. Implementing Monetary Policy in a Changing Federal Funds Market
    Economic Insights, 2019, 4, (2), 15-20 Downloads
  3. RED Special Issue on Fragmented Financial Markets: An Introduction
    Review of Economic Dynamics, 2019, 33, 1-3 Downloads
  4. Screening and Adverse Selection in Frictional Markets
    Journal of Political Economy, 2019, 127, (1), 338 - 377 Downloads View citations (41)
    See also Working Paper Screening and Adverse Selection in Frictional Markets, Working Papers (2017) Downloads View citations (3) (2017)

2017

  1. Competing with asking prices
    Theoretical Economics, 2017, 12, (2) Downloads View citations (21)
    See also Working Paper Competing with Asking Prices, CESifo Working Paper Series (2016) Downloads View citations (5) (2016)
  2. Excess Reserves and Monetary Policy Implementation
    Review of Economic Dynamics, 2017, 23, 212-235 Downloads View citations (45)
    See also Working Paper Excess Reserves and Monetary Policy Implementation, Working Papers (2016) Downloads View citations (5) (2016)
    Software Item Code and data files for "Excess Reserves and Monetary Policy Implementation", Computer Codes (2016) Downloads (2016)

2016

  1. Information Spillovers, Gains from Trade, and Interventions in Frozen Markets
    The Review of Financial Studies, 2016, 29, (5), 1291-1329 Downloads View citations (14)
    See also Working Paper INFORMATION SPILLOVERS, GAINS FROM TRADE, AND INTERVENTIONS IN FROZEN MARKETS, Working Papers (2016) Downloads View citations (12) (2016)

2015

  1. Competing for Order Flow in OTC Markets
    Journal of Money, Credit and Banking, 2015, 47, (S2), 77-126 Downloads View citations (29)
    See also Working Paper Competing for Order Flow in OTC Markets, Post-Print (2015) View citations (2) (2015)
  2. Meeting technologies and optimal trading mechanisms in competitive search markets
    Journal of Economic Theory, 2015, 155, (C), 1-15 Downloads View citations (65)
    See also Working Paper Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets, IZA Discussion Papers (2014) Downloads View citations (2) (2014)
  3. Why ask? the role of asking prices in transactions
    Business Review, 2015, (Q4), 1-4 Downloads View citations (2)

2014

  1. Trading dynamics in decentralized markets with adverse selection
    Journal of Economic Theory, 2014, 153, (C), 534-568 Downloads View citations (55)
    See also Working Paper Trading Dynamics in Decentralized Markets with Adverse Selection, 2011 Meeting Papers (2011) Downloads View citations (18) (2011)

2013

  1. Breaking the ice: government interventions in frozen markets
    Business Review, 2013, (Q4), 19-25 Downloads View citations (2)

2012

  1. Information Acquisition and the Exclusion of Evidence in Trials
    The Journal of Law, Economics, and Organization, 2012, 28, (1), 163-182 Downloads View citations (9)
  2. Information, Liquidity, Asset Prices, and Monetary Policy
    The Review of Economic Studies, 2012, 79, (3), 1209-1238 Downloads View citations (186)

2011

  1. Information and Liquidity
    Journal of Money, Credit and Banking, 2011, 43, (s2), 355-377 Downloads View citations (3)
    Also in Journal of Money, Credit and Banking, 2011, 43, 355-377 (2011) Downloads View citations (57)
  2. Information and Prices with Capacity Constraints
    American Economic Review, 2011, 101, (4), 1591-1600 Downloads View citations (73)

2010

  1. Directed search with multi-vacancy firms
    Journal of Economic Theory, 2010, 145, (6), 2108-2132 Downloads View citations (31)

2009

  1. Settlement Systems
    The B.E. Journal of Macroeconomics, 2009, 9, (1), 35 Downloads View citations (3)

Software Items

2019

  1. Code and data files for "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow"
    Computer Codes, Review of Economic Dynamics Downloads
    See also Journal Article A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2019) Downloads View citations (19) (2019)

2016

  1. Code and data files for "Excess Reserves and Monetary Policy Implementation"
    Computer Codes, Review of Economic Dynamics Downloads
    See also Journal Article Excess Reserves and Monetary Policy Implementation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2017) Downloads View citations (45) (2017)
 
Page updated 2025-03-31