We provide theory for calculating bounds on both the value of an individual[modifier letter apostrophe]s human capital and the return on an individual[modifier letter apostrophe]s human capital, given knowledge of the process governing earnings and financial asset returns. We calculate bounds...

We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings. Analytical tractability comes from modeling decentralized exchange as directed search, which makes the monetary steady state block recursive. By adapting lattice-theoretic techniques,...

We develop a general stochastic model of directed search on the job. Directed search allows us to focus on a Block Recursive Equilibrium (BRE) where agents' value functions, policy functions and market tightness do not depend on the distribution of workers over wages and unemployment. We...