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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 ...
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 ...