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

Ricardo Lagos and Guillaume Rocheteau

No 701, Working Papers (Old Series) 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)
Date: 2007
New Economics Papers: this item is included in nep-com and nep-dge
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Citations: View citations in EconPapers (62)

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Related works:
Journal Article: Search in Asset Markets: Market Structure, Liquidity, and Welfare (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:0701

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DOI: 10.26509/frbc-wp-200701

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