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Chocolate money
(Centro de Investigación y Docencia Económicas, División de Economía, 2019)
Why did people exert considerable eort ongold production when chocolate is cheaper and it can serve as money as well? Production costs determine a commodity’s use as money, as a consumption good, or as both. Three results ...
Endogenous search concentration in OTC markets
(Centro de Investigación y Docencia Económicas, División de Economía, 2019)
To explain the core-periphery structure observed in many OTC markets we augment a random matching model in three ways: we introduce preference heterogeneity in types and allow agents to choose how intense they meet specific ...
Intermediated attainment in OTC markets
(Centro de Investigación y Docencia Económicas, División de Economía, 2019)
We quantify the role of middlemen in the attainment of portfolio goals through trading in the fed funds market. To do so, we estimate the equivalent of matching function for this prominent over-the-counter (OTC) market. ...
Coordinated intermediation in the federal funds market
(Centro de Investigación y Docencia Económicas, División de Economía, 2019)
Intermediation motivates why some banks move further away from their implied target level during the fed funds trading window. I use partially directed search (PDS) where search decisión coordinate trade among two groups ...