I review the recent literature that applies search-and-matching theory to the study of over-the-
counter financial markets. I formulate and solve a simple model to illustrate the typical …

We study a canonical model of decentralized exchange for a durable good or asset, where
agents are assumed to have time‐varying, heterogeneous utility types. Whereas the existing …

In intermediated markets, trading takes time and intermediaries extract rents. We estimate a
structural search-and-bargaining model to quantify these trading delays, intermediaries' …

On many important multi-dealer platforms, customers mostly request quotes from very few
dealers. I build a model of multi-dealer platforms, where dealers strategically choose to …

Should regulators encourage the migration of trade from over-the-counter (OTC) to
centralized markets? To address this question, we study a model in which banks make …

We develop a dynamic model of trading through market-makers that incorporates two
canonical sources of illiquidity: trading (or search) frictions, which imply that market-makers …

Despite insurance contributions to economic growth, the intervening role of structural
transformation on the insurance-growth nexus remains scarce, leaving a gap in the …

We develop a dynamic model of a multi-asset over-the-counter (OTC) market that operates
via search and bargaining and empirically test its implications regarding liquidity in the cross …

Currently, there is a unique situation in the global economy, industrial eras coexist together,
there is interaction and transformation of financial systems simultaneously within the …

We introduce a model to explain how an increase in intermediation costs leads to structural
changes in the corporate bond market. We state three facts on corporate bond markets after …