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- W4214839769 abstract "We develop a search-theoretic model of financial intermediation and use it to study how trading frictions affect the distribution of asset holdings, asset prices, efficiency, and standard measures of liquidity. A distinctive feature of our theory is that it allows for unrestricted asset holdings, so market participants can accommodate trading frictions by adjusting their asset positions. We show that these individual responses of asset demands constitute a fundamental feature of illiquid markets: they are a key determinant of bid-ask spreads, trade volume, and trading delays—all the dimensions of market liquidity that search-based theories seek to explain." @default.
- W4214839769 created "2022-03-05" @default.
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- W4214839769 date "2008-05-01" @default.
- W4214839769 modified "2023-09-24" @default.
- W4214839769 title "Liquidity in Asset Markets with Search Frictions" @default.
- W4214839769 doi "https://doi.org/10.26509/frbc-wp-200804" @default.
- W4214839769 hasPublicationYear "2008" @default.
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