Papers

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Comparing Search and Intermediation Frictions Across Fixed-Income Markets

Gabor Pinter,Jean-Charles Wijnandts, Semih Uslu   Apr 30,2025

Working Paper No.00150-00

We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK government and... Read More

A Theory of Liquidity Spillover Between Bond and CDS Markets

Batchimeg Sambalaibat   Jul 07,2021

Working Paper No.00072-00

I build a search model of bond and credit default swap (CDS) markets with endogenous investor participation and show that... Read More