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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 strong…
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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 strong…
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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 in…
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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 evidence…
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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 post…
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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 "double…

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.…
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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 in…
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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)…
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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 two…
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