Federal Reserve Bank of Minneapolis: "Portfolio Choice and Settlement Frictions: A Theory of Endogenous Convenience Yields"
November 26, 2025
November 26, 2025
MINNEAPOLIS, Minnesota, Nov. 26 (TNSLrpt) -- The Federal Reserve Bank of Minneapolis issued the following Economic Research white paper (No. 812) on November 19, 2025, by Javier Bianchi and Saki Bigio entitled "Portfolio Choice and Settlement Frictions: A Theory of Endogenous Convenience Yields".
Here are excerpts:
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We study settlement frictions that arise from the need to finance negative balances through an over-the-counter (OTC) market. We . . .
Here are excerpts:
* * *
We study settlement frictions that arise from the need to finance negative balances through an over-the-counter (OTC) market. We . . .