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We develop an equilibrium directed search model of the labor market where workers can
simultaneously apply for multiple jobs. Our main theoretical contribution is to integrate the
portfolio choice problem faced by workers into an equilibrium framework. All equilibria of ...
M Galenianos… - Journal of Monetary Economics, 2008 - Elsevier
We develop a model of decentralized monetary exchange to examine the distributional
effects of inflation across heterogeneous agents. The agents have private information about
their productivity, preferences, or money holdings. Matching is multilateral and each seller ...
M Galenianos… - International economic review, 2012 - Wiley Online Library
We provide a unified directed search framework with general production and matching
specifications that encompass most of the existing literature. We prove the existence of
subgame perfect Nash equilibria in pure firm strategies in a finite version of the model. We ...
A search-theoretic model of the retail market for illegal drugs is developed. Trade occurs in
bilateral, potentially long-lived matches between sellers and buyers. Buyers incur search
costs when experimenting with a new seller. Moral hazard is present because buyers ...
M Galenianos… - manuscript, University of Pennsylvania, 2007 - papers.ssrn.com
Abstract: We consider a directed search model for a finite economy with heterogeneous
firms in two informational environments. In the first, the productivity of all firms is publicly
observed. We prove existence of equilibria in pure posting strategies by firms and show ...
M Galenianos, P Kircher… - International economic …, 2011 - Wiley Online Library
We build a theoretical model to study the welfare effects and policy implications of firms'
market power in a frictional labor market. The main characteristics of our environment are
that wages play a role in allocating labor across firms and the number of agents is finite. ...
M Galenianos - Pennsylvania State University, mimeo, 2011 - papers.ssrn.com
Abstract: An equilibrium search model of the labor market is combined with a social network.
The key features are that the workers' network transmits information about jobs and that
wages and entry of firms are determined in equilibrium. When workers are homogeneous ...
We consider a monetary economy with directed multilateral matching between buyers and
sellers. A buyer chooses how much money to hold, observes the location of all sellers, and
decides which seller to visit. The number of buyers that arrive at a particular seller is ...
[CITATION] iMarket Power and Effi" ciency in a Search Model, jInternational Economic Review, forthcoming
M Galenianos, P Kircher… - 2009
M Galenianos… - PIER Working Paper Archive, 2006 - papers.ssrn.com
Abstract: We develop a model of monetary exchange that avoids several common criticisms
of the recent microfoundations literature. First, rather than random matching, we assume that
buyers know the location of all sellers, and hence the process of finding a partner is ...
Abstract We introduce a directed search model of the labor market where workers send N
applications simultaneously. We find that equilibria always exist and they exhibit wage
dispersion, with firms posting N different wage rates and workers sending one application ...
M Galenianos - Journal of Money, Credit and Banking, 2011 - Wiley Online Library
Jacquet and Tan (2011, this issue) build a model where money plays two roles: it is a
medium of exchange and a store of value. In their model, search frictions and idiosyncratic
shocks create a need for a medium of exchange and a medium of saving, respectively, ...
Abstract A theoretical model is developed to study the firm's choice of different search
channels in order to hire new workers. The model's main characteristics are that the quality
of a match is uncertain and firms search for workers through the market and through ...
M Galenianos - The New Palgrave Dictionary of Economics, 2010 - ideas.repec.org
Three key features of the retail trade for illicit drugs are documented: moral hazard, repeated
interactions and price dispersion. An interpretation of this evidence based on search and
informational frictions is presented. Various policy implications of the suggested ...
Existing theoretical models of the retail trade in illicit drugs are sparse and tied to traditional
economic assumptions of an ideal centralized market (the one where demand and supply
curves cross), including assumptions of perfect information (Becker Murphy & Grossman, ...
[CITATION] Dispersion of Money Holdings and Efficiency
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