This paper shows that product design shapes search frictions and that intermediaries leverage this channel to increase their rents in the context of the U.S. municipal bond market. The majority of bon
Code replicating the figures in the article, Rostek and Yoon (2024), \"Financial Product Design in Decentralized Markets,\" accepted in 2024 by the Journal of Political Economy.
Code replicating the figures in the article, Rostek and Yoon (2024), "Financial Product Design in Decentralized Markets," accepted in 2024 by the Journal of Political Economy.
