Frictional Intermediation in Over-the-counter Markets
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We extend Duffie, Garleanu, and Pedersens (2005) search-theoretic model of over-the-counter asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers valuations or inventory costs. We develop a solution technique that makes the model fully tractable and
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美国国家经济研究局创建时间：
2018-09-01
