Working Paper
Search in asset markets: market structure, liquidity, and welfare
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;
https://doi.org/10.26509/frbc-wp-200701
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 2007
Number: 0701