Details about Benjamin R. Lester
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
- Sequential Search for Corporate Bonds
Working Papers, Federal Reserve Bank of Philadelphia 
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023) View citations (2)
2024
- Inventory, Market Making, and Liquidity in OTC Markets
Working Papers, Federal Reserve Bank of Philadelphia
2021
- The Heterogeneous Impact of Referrals on Labor Market Outcomes
Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
Also in Staff Reports, Federal Reserve Bank of New York (2021) View citations (3)
2020
- Corporate Bond Liquidity During the COVID-19 Crisis
NBER Working Papers, National Bureau of Economic Research, Inc 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) 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) View citations (62) (2021)
- Heterogeneity in Decentralized Asset Markets
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
Also in Working Papers, Federal Reserve Bank of Philadelphia (2015) View citations (16) CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019)  2016 Meeting Papers, Society for Economic Dynamics (2016) View citations (12) NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (44) Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2014) 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) View citations (4) (2022)
2019
- Frictional Intermediation in Over-the-Counter Markets
2019 Meeting Papers, Society for Economic Dynamics View citations (6)
Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2018) View citations (6) Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2018) View citations (6) NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (6) CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (7) Working Papers, Federal Reserve Bank of Philadelphia (2019) 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) View citations (19) (2020)
2018
- A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
Also in Staff Reports, Federal Reserve Bank of New York (2018) 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) View citations (19) (2019)
- Job Referrals and Skills
2018 Meeting Papers, Society for Economic Dynamics View citations (1)
- Market-making with Search and Information Frictions
Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (9) Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics (2018) View citations (9)
See also Journal Article Market-making with search and information frictions, Journal of Economic Theory, Elsevier (2023) View citations (1) (2023)
- Size Is Not All: Distribution of Bank Reserves and Fed Funds Dynamics
Liberty Street Economics, Federal Reserve Bank of New York
2017
- Market-Making with Search and Private Information
2017 Meeting Papers, Society for Economic Dynamics
- Screening and Adverse Selection in Frictional Markets
Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
Also in 2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (18) Working Papers, Federal Reserve Bank of Philadelphia (2016) View citations (4) Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics (2016) View citations (1) NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (21)
See also Journal Article Screening and Adverse Selection in Frictional Markets, Journal of Political Economy, University of Chicago Press (2019) View citations (41) (2019)
2016
- Adverse Selection, Search Frictions and Liquidity in Financial Markets
2016 Meeting Papers, Society for Economic Dynamics
- Competing with Asking Prices
CESifo Working Paper Series, CESifo View citations (5)
Also in Working Papers, University of Toronto, Department of Economics (2013) View citations (18) Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (2015) View citations (2) 2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (8) IZA Discussion Papers, Institute of Labor Economics (IZA) (2013) View citations (17) Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (2014) View citations (2) SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2014)  UC3M Working papers. Economics, Universidad Carlos III de Madrid. Departamento de EconomÃa (2014)  Working Papers, Federal Reserve Bank of Philadelphia (2013) View citations (5)
See also Journal Article Competing with asking prices, Theoretical Economics, Econometric Society (2017) View citations (21) (2017)
- Excess Reserves and Monetary Policy Implementation
Working Papers, Federal Reserve Bank of Philadelphia 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) View citations (45) (2017)
- INFORMATION SPILLOVERS, GAINS FROM TRADE, AND INTERVENTIONS IN FROZEN MARKETS
Working Papers, Federal Reserve Bank of Philadelphia 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) View citations (14) (2016)
- Interviews and the Assignment of Workers to Firms
2016 Meeting Papers, Society for Economic Dynamics View citations (1)
2015
- Competing for Order Flow in OTC Markets
Post-Print, HAL View citations (2)
Also in Working Papers, Federal Reserve Bank of Philadelphia (2014) View citations (16) NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (10)
See also Journal Article Competing for Order Flow in OTC Markets, Journal of Money, Credit and Banking, Blackwell Publishing (2015) View citations (29) (2015)
- Dynamic Relational Contracts under Complete Information
SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE)
- Excess Reserves and Monetary Policy Normalization
2015 Meeting Papers, Society for Economic Dynamics View citations (10)
Also in Working Papers, Federal Reserve Bank of Philadelphia (2015) View citations (10)
2014
- Decentralized Asset Markets with a Continuum of Types
2014 Meeting Papers, Society for Economic Dynamics
- Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets
IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (2)
Also in Edinburgh School of Economics Discussion Paper Series, Edinburgh School of Economics, University of Edinburgh (2014) View citations (2) 2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (2) Working Papers, Federal Reserve Bank of Philadelphia (2014) View citations (2) UC3M Working papers. Economics, Universidad Carlos III de Madrid. Departamento de EconomÃa (2014) View citations (2) Working Papers, University of Toronto, Department of Economics (2014) View citations (5) SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2014) View citations (4)
See also Journal Article Meeting technologies and optimal trading mechanisms in competitive search markets, Journal of Economic Theory, Elsevier (2015) View citations (65) (2015)
- OTC Trading vs. Exchanges: A welfare comparison
2014 Meeting Papers, Society for Economic Dynamics
2013
- Subsidizing price discovery
Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (8)
2012
- Asking Prices and Inspection Goods
2012 Meeting Papers, Society for Economic Dynamics
- Interviews and the Assignment of Workers to Jobs
2012 Meeting Papers, Society for Economic Dynamics View citations (4)
2011
- Trading Dynamics in Decentralized Markets with Adverse Selection
2011 Meeting Papers, Society for Economic Dynamics View citations (18)
Also in Working Papers, Federal Reserve Bank of Philadelphia (2011) View citations (29) 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (5)
See also Journal Article Trading dynamics in decentralized markets with adverse selection, Journal of Economic Theory, Elsevier (2014) View citations (55) (2014)
2010
- Information, Liquidity, Asset Prices and Monetary Policy, Second Version
PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania
2008
- Endogenous, State-Dependent Matching with Implications for the Cyclical Behavior of Unemployment
2008 Meeting Papers, Society for Economic Dynamics
- Information, Liquidity and Asset Prices
PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania View citations (18)
2006
- A Model of Interbank Settlement
2006 Meeting Papers, Society for Economic Dynamics View citations (4)
Journal Articles
2024
- It’s Not Just Who You Know, It’s How You Know Them
Economic Insights, 2024, 9, (1), 12-17
2023
- Market-making with search and information frictions
Journal of Economic Theory, 2023, 212, (C) View citations (1)
See also Working Paper Market-making with Search and Information Frictions, Working Papers (2018) View citations (5) (2018)
2022
- Heterogeneity in decentralized asset markets
Theoretical Economics, 2022, 17, (3) View citations (4)
See also Working Paper Heterogeneity in Decentralized Asset Markets, CEPR Discussion Papers (2020) View citations (4) (2020)
2021
- 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 View citations (62)
See also Working Paper Corporate Bond Liquidity During the COVID-19 Crisis, NBER Working Papers (2020) View citations (48) (2020)
- When COVID-19 Reached the Corporate Bond Market
Economic Insights, 2021, 6, (3), 2-9
2020
- Frictional Intermediation in Over-the-Counter Markets
The Review of Economic Studies, 2020, 87, (3), 1432-1469 View citations (19)
See also Working Paper Frictional Intermediation in Over-the-Counter Markets, 2019 Meeting Papers (2019) View citations (6) (2019)
2019
- A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow
Review of Economic Dynamics, 2019, 33, 177-204 View citations (19)
See also Working Paper A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow, Working Papers (2018) 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) (2019)
- Implementing Monetary Policy in a Changing Federal Funds Market
Economic Insights, 2019, 4, (2), 15-20
- RED Special Issue on Fragmented Financial Markets: An Introduction
Review of Economic Dynamics, 2019, 33, 1-3
- Screening and Adverse Selection in Frictional Markets
Journal of Political Economy, 2019, 127, (1), 338 - 377 View citations (41)
See also Working Paper Screening and Adverse Selection in Frictional Markets, Working Papers (2017) View citations (3) (2017)
2017
- Competing with asking prices
Theoretical Economics, 2017, 12, (2) View citations (21)
See also Working Paper Competing with Asking Prices, CESifo Working Paper Series (2016) View citations (5) (2016)
- Excess Reserves and Monetary Policy Implementation
Review of Economic Dynamics, 2017, 23, 212-235 View citations (45)
See also Working Paper Excess Reserves and Monetary Policy Implementation, Working Papers (2016) View citations (5) (2016) Software Item Code and data files for "Excess Reserves and Monetary Policy Implementation", Computer Codes (2016) (2016)
2016
- Information Spillovers, Gains from Trade, and Interventions in Frozen Markets
The Review of Financial Studies, 2016, 29, (5), 1291-1329 View citations (14)
See also Working Paper INFORMATION SPILLOVERS, GAINS FROM TRADE, AND INTERVENTIONS IN FROZEN MARKETS, Working Papers (2016) View citations (12) (2016)
2015
- Competing for Order Flow in OTC Markets
Journal of Money, Credit and Banking, 2015, 47, (S2), 77-126 View citations (29)
See also Working Paper Competing for Order Flow in OTC Markets, Post-Print (2015) View citations (2) (2015)
- Meeting technologies and optimal trading mechanisms in competitive search markets
Journal of Economic Theory, 2015, 155, (C), 1-15 View citations (65)
See also Working Paper Meeting Technologies and Optimal Trading Mechanisms in Competitive Search Markets, IZA Discussion Papers (2014) View citations (2) (2014)
- Why ask? the role of asking prices in transactions
Business Review, 2015, (Q4), 1-4 View citations (2)
2014
- Trading dynamics in decentralized markets with adverse selection
Journal of Economic Theory, 2014, 153, (C), 534-568 View citations (55)
See also Working Paper Trading Dynamics in Decentralized Markets with Adverse Selection, 2011 Meeting Papers (2011) View citations (18) (2011)
2013
- Breaking the ice: government interventions in frozen markets
Business Review, 2013, (Q4), 19-25 View citations (2)
2012
- Information Acquisition and the Exclusion of Evidence in Trials
The Journal of Law, Economics, and Organization, 2012, 28, (1), 163-182 View citations (9)
- Information, Liquidity, Asset Prices, and Monetary Policy
The Review of Economic Studies, 2012, 79, (3), 1209-1238 View citations (186)
2011
- Information and Liquidity
Journal of Money, Credit and Banking, 2011, 43, (s2), 355-377 View citations (3)
Also in Journal of Money, Credit and Banking, 2011, 43, 355-377 (2011) View citations (57)
- Information and Prices with Capacity Constraints
American Economic Review, 2011, 101, (4), 1591-1600 View citations (73)
2010
- Directed search with multi-vacancy firms
Journal of Economic Theory, 2010, 145, (6), 2108-2132 View citations (31)
2009
- Settlement Systems
The B.E. Journal of Macroeconomics, 2009, 9, (1), 35 View citations (3)
Software Items
2019
- Code and data files for "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow"
Computer Codes, Review of Economic Dynamics 
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) View citations (19) (2019)
2016
- Code and data files for "Excess Reserves and Monetary Policy Implementation"
Computer Codes, Review of Economic Dynamics 
See also Journal Article Excess Reserves and Monetary Policy Implementation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2017) View citations (45) (2017)
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