Crises and Liquidity in Over-the-Counter Markets
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We study the efficiency of dealers' liquidity provision and the desirability of policy intervention in over-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and trade is bilateral, with quantities and prices
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美国国家经济研究局创建时间：
2009-10-01
