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

Working Papers

2025

1. 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 (3)

2024

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

2021

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

2020

4. Corporate Bond Liquidity During the COVID-19 Crisis
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (46)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (48)
   Working Papers, Federal Reserve Bank of Philadelphia (2020) View citations (28)
   See also Journal Article Corporate Bond Liquidity during the COVID-19 Crisis, The Review of Financial Studies, Society for Financial Studies (2021) View citations (64) (2021)
5. 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)
   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)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019)
   Working Papers, Federal Reserve Bank of Philadelphia (2019)
   2016 Meeting Papers, Society for Economic Dynamics (2016) View citations (12)
   See also Journal Article Heterogeneity in decentralized asset markets, Theoretical Economics, Econometric Society (2022) View citations (4) (2022)

2019

6. Frictional Intermediation in Over-the-Counter Markets
   2019 Meeting Papers, Society for Economic Dynamics View citations (6)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2019) View citations (5)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (7)
   NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (6)
   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)
   See also Journal Article Frictional Intermediation in Over-the-Counter Markets, The Review of Economic Studies, Review of Economic Studies Ltd (2020) View citations (20) (2020)

2018

7. 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)
8. Job Referrals and Skills
   2018 Meeting Papers, Society for Economic Dynamics View citations (1)
9. Market-making with Search and Information Frictions
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2018) View citations (5)
   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)
10. Size Is Not All: Distribution of Bank Reserves and Fed Funds Dynamics
    Liberty Street Economics, Federal Reserve Bank of New York

2017

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

13. Adverse Selection, Search Frictions and Liquidity in Financial Markets
    2016 Meeting Papers, Society for Economic Dynamics
14. Competing with Asking Prices
    CESifo Working Paper Series, CESifo View citations (5)
    Also in 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)
    Working Papers, Federal Reserve Bank of Philadelphia (2013) View citations (5)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2014)
    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)
    UC3M Working papers. Economics, Universidad Carlos III de Madrid. Departamento de Economía (2014)
    Working Papers, University of Toronto, Department of Economics (2013) View citations (18)
    See also Journal Article Competing with asking prices, Theoretical Economics, Econometric Society (2017) View citations (21) (2017)
15. 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)
16. 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)
17. Interviews and the Assignment of Workers to Firms
    2016 Meeting Papers, Society for Economic Dynamics View citations (1)

2015

18. 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)
19. Dynamic Relational Contracts under Complete Information
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE)
20. 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

21. Decentralized Asset Markets with a Continuum of Types
    2014 Meeting Papers, Society for Economic Dynamics
22. 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)
    Working Papers, University of Toronto, Department of Economics (2014) View citations (5)
    UC3M Working papers. Economics, Universidad Carlos III de Madrid. Departamento de Economía (2014) View citations (2)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2014) View citations (4)
    Working Papers, Federal Reserve Bank of Philadelphia (2014) View citations (2)
    2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (2)
    See also Journal Article Meeting technologies and optimal trading mechanisms in competitive search markets, Journal of Economic Theory, Elsevier (2015) View citations (65) (2015)
23. OTC Trading vs. Exchanges: A welfare comparison
    2014 Meeting Papers, Society for Economic Dynamics

2013

24. 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

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

2011

27. 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

28. 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

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

2006

31. A Model of Interbank Settlement
    2006 Meeting Papers, Society for Economic Dynamics 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

2023

2. 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, NBER Working Papers (2018) View citations (9) (2018)

2022

3. 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

4. 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 (64)
   See also Working Paper Corporate Bond Liquidity During the COVID-19 Crisis, CEPR Discussion Papers (2020) View citations (46) (2020)
5. When COVID-19 Reached the Corporate Bond Market
   Economic Insights, 2021, 6, (3), 2-9

2020

6. Frictional Intermediation in Over-the-Counter Markets
   The Review of Economic Studies, 2020, 87, (3), 1432-1469 View citations (20)
   See also Working Paper Frictional Intermediation in Over-the-Counter Markets, 2019 Meeting Papers (2019) View citations (6) (2019)

2019

7. 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)
8. Implementing Monetary Policy in a Changing Federal Funds Market
   Economic Insights, 2019, 4, (2), 15-20
9. RED Special Issue on Fragmented Financial Markets: An Introduction
   Review of Economic Dynamics, 2019, 33, 1-3
10. 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

11. 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)
12. Excess Reserves and Monetary Policy Implementation
    Review of Economic Dynamics, 2017, 23, 212-235 View citations (45)
    See also Software Item Code and data files for "Excess Reserves and Monetary Policy Implementation", Computer Codes (2016) (2016)
    Working Paper Excess Reserves and Monetary Policy Implementation, Working Papers (2016) View citations (5) (2016)

2016

13. 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

14. 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)
15. 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)
16. Why ask? the role of asking prices in transactions
    Business Review, 2015, (Q4), 1-4 View citations (2)

2014

17. 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

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

2012

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

2011

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

2010

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

2009

24. Settlement Systems
    The B.E. Journal of Macroeconomics, 2009, 9, (1), 35 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
   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

2. 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)