We extend Duffie et al.'s (2005) search-theoretic model of over-the-counter (OTC) asset
markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in …

Economists often say that certain types of assets, eg, Treasury bonds, are very 'liquid'. Do
they mean that these assets are likely to serve as media of exchange or collateral (a …

We develop a dynamic model of trading through market-makers that incorporates two
canonical sources of illiquidity: trading (or search) frictions, which imply that market-makers …

We model asset issuance in over-the-counter markets. Investors buy newly issued assets in
a primary market and trade existing assets in a secondary market, where trade in both …

Trading frictions in financial markets affect more long-term than short-term bonds, generating
an upward-sloping yield curve. Long-term financing is more expensive in economies with …

We develop a dynamic model of a multi-asset over-the-counter (OTC) market that operates
via search and bargaining and empirically test its implications regarding liquidity in the cross …

In an OTC market where dealers' inventory capacities differ, dealers trade among
themselves to rebalance inventories for facilitating the sale and purchase of the asset to and …

This paper studies the interaction between financial fragility and over-the-counter (OTC)
markets. I model the financial sector as a large number of investors divided into different …

Economists often say that certain types of assets, eg, Treasury bonds, are very'liquid'. Do
they mean that these assets are likely to serve as media of exchange or collateral (a …

This paper examines how delaying school start time to 9 o'clock affects time use and health
of secondary school students in South Korea. To identify the causal impacts of delaying …