Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating … into the search model some centralized markets as well as some decentralized markets where money is essential. This paper … nests the search-theoretic monetary model and a standard neoclassical growth model as special cases. Perhaps surprisingly …

strategically. Consumers search for high quality firms and condition their choices on observed actions of other consumers. When they …

We study the effects of inflation in models with various trading frictions. The framework is related to recent search …

. We begin assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the … search costs, and delivers equilibria equilibrium wage dispersion. However, we prove the law of two prices holds: generically …

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 a framework that, in addition to considering …

We extend simple search-theoretic models of crime, unemployment and inequality to incorporate on-the-job search. This … of crime, on-the-job search models are more relevant empirically as well as more interesting in terms of the types of …