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A Unified Framework for Monetary Theory and Policy Analysis
Search‐theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically make strongExpand
On Money as a Medium of Exchange
We analyze economies in which individuals specialize in consumption and production and meet randomly over time in a way that implies that trade must be bilateral and quid pro quo. Nash equilibria inExpand
A Unified Framework for Monetary Theory and Policy Analysis
Search-theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically need strongExpand
Homework in Macroeconomics: Household Production and Aggregate Fluctuations
This paper explores some macroeconomic implications of including household production in an otherwise standard real business cycle model. We calibrate the model on the basis of macroeconomic evidenceExpand
Pricing and Matching with Frictions
Suppose that n buyers each want one unit and m sellers each have one or more units of a good. Sellers post prices, and then buyers choose sellers. In symmetric equilibrium, similar sellers all postExpand
Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium
We compare three pricing mechanisms for monetary economies: bargaining (search equilibrium); price taking (competitive equilibrium); and price posting (competitive search equilibrium). We do this inExpand
A Search-Theoretic Approach to Monetary Economics
The essential function of money is its role as a medium of exchange. The authors formalize this idea using a search-theoretic equilibrium model of the exchange process that captures the "doubleExpand
Search, Bargaining, Money, and Prices
The goal of this paper is to extend existing search-theoretic models of fiat money, which until now have assumed that the price level is exogenous, by explicitly incorporating bilateral bargaining.Expand
Adverse Selection in Competitive Search Equilibrium
We extend the concept of competitive search equilibrium to environments with private information, and in particular adverse selection. Principals (e.g. employers or agents who want to buy assets)Expand
An equilibrium model of the business cycle with household production and fiscal policy
We estimate a dynamic general equilibrium model of the U.S. economy that includes an explicit household production sector and stochastic fiscal variables. We use our estimates to investigate twoExpand
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