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On money as a medium of exchange

[PDF] from uwm.edu
N Kiyotaki… - The Journal of Political Economy, 1989 - JSTOR
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 trading strategies are characterized. Certain goods emerge ...
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A search-theoretic approach to monetary economics

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N Kiyotaki… - The American Economic Review, 1993 - JSTOR
The essential function of money is its role as a medium of exchange. We formalize this idea
using a search-theoretic equilibrium model of the exchange process that captures the"
double coincidence of wants problem" with pure barter. One advantage of the framework ...
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A unified framework for monetary theory and policy analysis

[TXT] from nyu.edu
R Lagos… - NYU Working Paper No. S-MF-03-21, 2003 - papers.ssrn.com
Abstract: 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 strong assumptions that make them ill-suited for studying monetary policy. ...
Cited by 603 - Related articles - Library Search - All 76 versions

Homework in macroeconomics: Household production and aggregate fluctuations

[PDF] from minneapolisfed.org
J Benhabib, R Rogerson… - Journal of Political economy, 1991 - JSTOR
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 and long-run considerations, simulate it, and examine its ...
Cited by 574 - Related articles - Get it from MIT Libraries - Library Search - All 19 versions

Search, bargaining, money, and prices

A Trejos… - Journal of Political Economy, 1995 - JSTOR
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. This allows us to determine the price level endogenously and leads to ...
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Search-theoretic models of the labor market: A survey

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R Rogerson, R Shimer… - Journal of Economic …, 2005 - ingentaconnect.com
Abstract: We survey the literature on search-theoretic models of the labor market. We show
how this approach addresses many issues, including the following: Why do workers
sometimes choose to remain unemployed? What determines the lengths of employment ...
Cited by 465 - Related articles - BL Direct - All 24 versions

Pricing and matching with frictions

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K Burdett, S Shi… - Journal of Political Economy, 2001 - JSTOR
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 one price, and buyers randomize. Hence, more or fewer buyers may arrive ...
Cited by 320 - Related articles - Library Search - BL Direct - All 21 versions

A contribution to the pure theory of money

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N Kiyotaki… - Journal of Economic Theory, 1991 - Elsevier
Abstract This article analyzes a general equilibrium model with search frictions and
differentiated commodities. Because of the many differentiated commodities, barter is difficult
in that it requires a double coincidence of wants, and this provides a medium of exchange ...
Cited by 301 - Related articles - Library Search - All 19 versions

An equilibrium model of the business cycle with household production and fiscal policy

[PDF] from frb.fed.us
ER McGrattan, R Rogerson… - International Economic Review, 1997 - JSTOR
We estimate a dynamic general equilibrium model of the US economy that includes an
explicit household production sector and stochastic fiscal variables. We use our estimates to
investigate two issues. First, we analyze how well the model accounts for aggregate ...
Cited by 284 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 20 versions

Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium

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G Rocheteau… - Econometrica, 2005 - Wiley Online Library
We compare three market structures for monetary economies: bargaining (search
equilibrium); price taking (competitive equilibrium); and price posting (competitive search
equilibrium). We also extend work on the microfoundations of money by allowing a ...
Cited by 256 - Related articles - All 9 versions

Barter and monetary exchange under private information

[PDF] from wustl.edu
S Williamson… - The American Economic Review, 1994 - JSTOR
We develop a model of production and exchange with uncertainty concerning the quality of
commodities and study the role of fiat money in ameliorating frictions caused by private
information. The model is specified so that, without private information, only high-quality ...
Cited by 221 - Related articles - Get it from MIT Libraries - BL Direct - All 23 versions

Household production in real business cycle theory

J Greenwood, R Rogerson… - Frontiers of Business Cycle …, 1995 - books.google.com
A central objective of the real business cycle research program is to construct models
consistent with observed fluctuations in aggregate economic variables. These models
typically assume that all economic activity takes place in the market. The thesis of this ...
Cited by 211 - Related articles - Library Search - BL Direct - All 6 versions

The labor market in real business cycle theory

[PDF] from minneapolisfed.org
GD Hansen… - Real business cycles: a reader, 1998 - books.google.com
The basic objective of the real business cycle research program is to use the neoclassical
growth model to interpret observed patterns of fluctuations in overall economic activity. If we
take a simple version of the model, calibrate it to be consistent with long-run growth facts, ...
Cited by 162 - Related articles - All 25 versions

The redistributive roles of unemployment insurance and the dynamics of voting

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R Wright - Journal of Public Economics, 1986 - Elsevier
Abstract Public unemployment insurance is analyzed as the majority voting equilibrium
policy of a dynamic stochastic economy. Abstracting from incentive effects, we focus on
redistribution. Some results are: because of the distribution of heterogeneous employment ...
Cited by 146 - Related articles - All 6 versions

Homework in development economics: Household production and the wealth of nations

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SL Parente, R Rogerson… - Journal of Political economy, 2000 - JSTOR
We introduce home production into the neoclassical growth model and examine its
consequences for development economics. In particular, we study the extent to which one
can account for international income differences with differences in policies that distort ...
Cited by 136 - Related articles - BL Direct - All 9 versions

Competitive Pricing and Efficiency in Search Equilibrium*

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DT Mortensen… - International Economic Review, 2002 - Wiley Online Library
We consolidate and generalize some results on price determination and efficiency in search
equilibrium. Extending models by Rubinstein and Wolinsky and by Gale, heterogeneous
buyers and sellers meet according to a general matching technology and prices are ...
Cited by 132 - Related articles - BL Direct - All 13 versions

Two-sided search with nontransferable utility

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K Burdett… - Review of Economic Dynamics, 1998 - Elsevier
We analyze a two-sided search model in which we assume utility is not perfectly
transferable. Except for this assumption the model is standard, yet it generates results that
are quite different from those obtained in models with transferable utility. In particular, the ...
Cited by 115 - Related articles - BL Direct - All 8 versions

Coexistence of money and interest-bearing securities

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S Rao Aiyagari, N Wallace… - Journal of Monetary Economics, 1996 - Elsevier
A random matching model with money is used to study the nominal yield on small
denomination, bearer, safe, discount securities issued by the government. There is always
one steady state with matured securities circulating at par and, for some parameters, ...
Cited by 112 - Related articles - BL Direct - All 19 versions

Estimating substitution elasticities in household production models

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P Rupert, R Rogerson… - Economic Theory, 1995 - Springer
Summary Dynamic general equilibrium models that include explicit household production
sectors provide a useful framework within which to analyze a variety of macroeconomic
issues. However, some implications of these models depend critically on parameters, ...
Cited by 110 - Related articles - Library Search - All 17 versions

Crime, inequality, and unemployment

[PDF] from upenn.edu
K Burdett, R Lagos… - 2002 - papers.ssrn.com
Abstract: There has been much discussion of the relationships between crime, inequality
and unemployment. We construct a model where all three are endogenous. Introducing
crime into otherwise standard models affects the labor market in several interesting ways. ...
Cited by 107 - Related articles - BL Direct - All 24 versions

The economics of internal labor markets

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ML Wachter… - … : A Journal of Economy and Society, 1990 - Wiley Online Library
Page 1. The Economics of Internal Labor Markets MICHAEL L. WACHTER and RANDALL
D. WRIGHT" Our essay focuses on the economics of long-term contractual relationships
between a firm and its employees, referred to as the internal labor market. ...
Cited by 92 - Related articles - Library Search - All 10 versions

Unemployment insurance and short-time compensation: The effects on layoffs, hours per worker, and wages

K Burdett… - The Journal of Political Economy, 1989 - JSTOR
We analyze two unemployment insurance systems. In one, unemployed workers receive
benefits while those on reduced hours do not, as in North America (at least until recently). In
the other, short-time compensation is paid to workers on reduced hours, as in Europe. The ...
Cited by 87 - Related articles - Get it from MIT Libraries - All 6 versions

Indivisibilities, lotteries, and monetary exchange

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A Berentsen, M Molico… - Journal of Economic Theory, 2002 - Elsevier
We introduce lotteries (randomized trading) into search-theoretic models of money. In a
model with indivisible goods and fiat money, we show goods trade with probability 1 and
money trades with probability τ, where τ< 1 iff buyers have sufficient bargaining power. ...
Cited by 82 - Related articles - Library Search - All 8 versions

MONEY AND BANKING IN SEARCH EQUILIBRIUM*

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P He, L Huang… - International Economic Review, 2005 - Wiley Online Library
We develop a new theory of money and banking based on the old story in which goldsmiths
start accepting deposits for safe keeping, then their liabilities begin circulating as media of
exchange, then they begin making loans. We first discuss the history. We then present a ...
Cited by 82 - Related articles - All 46 versions

Directed matching and monetary exchange

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D Corbae, T Temzelides… - Econometrica, 2003 - Wiley Online Library
We develop a model of monetary exchange where, as in the random matching literature,
agents trade bilaterally and not through centralized markets. Rather than assuming they
match exogenously and at random, however, we determine who meets whom as part of ...
Cited by 80 - Related articles - BL Direct - All 11 versions

[BOOK] Money and capital

[PDF] from nber.org
SB Aruoba, C Waller, R Wright… - 2007 - nber.org
Abstract We continue the integration of modern monetary theory and mainstream macro.
First, we pursue price taking as alternative to bargaining. Second, we add firms, capital and
labor markets. Compared to previous attempts at this integration, our models have rich ...
Cited by 75 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 96 versions

Government transaction policy, media of exchange, and prices

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Y Li… - Journal of economic theory, 1998 - Elsevier
We study government transaction policies in search-theoretic models of money. We model
government as a subset of agents, who are subject to the same random matching
technology and other constraints as private agents, but who behave in an exogenous way ...
Cited by 74 - Related articles - BL Direct - All 12 versions

A dynamic equilibrium model of search, bargaining, and money

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MG Coles… - Journal of Economic Theory, 1998 - Elsevier
This paper considers dynamic equilibria in a model with random matching, strategic
bargaining, and money. Equilibrium in the bargaining game is characterized in terms of a
simple differential equation. When we embed this characterization into the monetary ...
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A model of money and credit, with application to the credit card debt puzzle

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IA Telyukova… - Review of Economic Studies, 2008 - Wiley Online Library
Many individuals simultaneously have significant credit card debt and money in the bank.
The credit card debt puzzle is as follows: given high interest rates on credit cards and low
rates on bank accounts, why not pay down debt? While some economists go to elaborate ...
Cited by 74 - Related articles - Library Search - BL Direct - All 34 versions

Homework in labor economics: household production and intertemporal substitution

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P Rupert, R Rogerson… - Journal of Monetary Economics, 2000 - Elsevier
We argue that estimates of intertemporal substitution elasticities obtained from standard life
cycle models are subject to a downward bias because they neglect changes in work done at
home over the life cycle. We extend the standard life cycle model to include home ...
Cited by 72 - Related articles - Library Search - All 8 versions

Involuntary unemployment in economies with efficient risk sharing

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R Rogerson… - Journal of Monetary economics, 1988 - Elsevier
Abstract We study economies where 'employment lotteries' determine random layoffs, and
incomes for employed and unemployed agents allocate risk efficiently. We ask, for which
specifications are unemployed agents worse off, a situation we call involuntary ...
Cited by 68 - Related articles - Library Search - All 6 versions

Adverse selection in competitive search equilibrium

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V Guerrieri, R Shimer… - Econometrica, 2010 - Wiley Online Library
We study economies with adverse selection, plus the frictions in competitive search theory.
With competitive search, principals post terms of trade (contracts), then agents choose
where to apply, and they match bilaterally. Search allows us to analyze the effects of ...
Cited by 66 - Related articles - Library Search - All 70 versions

A model of commodity money, with applications to Gresham's law and the debasement puzzle

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FR Velde, WE Weber… - Review of Economic Dynamics, 1999 - Elsevier
What are the conditions under which Gresham's Law holds? And what are the mechanics of
a debasement? To analyze these questions, we develop a model of commodity money with
light and heavy coins, imperfect information, and prices determined via bilateral ...
Cited by 60 - Related articles - Library Search - BL Direct - All 27 versions

Search-theoretic models of the labor market-a survey

[PDF] from umn.edu
R Rogerson, R Shimer… - 2004 - nber.org
We survey search-theoretic models of the labor market and discuss their usefulness for
analyzing labor market dynamics, job turnover, and wages. We first examine single-agent
models, showing how they can incorporate many interesting features and generate rich ...
Cited by 59 - Related articles - Library Search - BL Direct - All 30 versions

Cigarette money

[PDF] from 199.169.201.130
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K Burdett, A Trejos… - Journal of Economic Theory, 2001 - Elsevier
We study how commodities emerge as money, the way cigarettes did in POW camps. We
characterize how specialization, trading frictions, intrinsic properties of goods, and the
amount of fiat money determine whether a commodity serves as money and its value. In ...
Cited by 58 - Related articles - BL Direct - All 16 versions

Search, money, and capital: a neoclassical dichotomy

[PDF] from narotama.ac.id
SB Aruoba… - Journal of Money, Credit and Banking, 2003 - JSTOR
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 takes a further step ...
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Search, evolution, and money

Full text - MIT Libraries
R Wright - Journal of Economic Dynamics and Control, 1995 - Elsevier
This paper describes a search-theoretic model that can be used to determine which objects
serve as media of exchange, or money. Existing versions of the model are generalized to
allow arbitrary distributions of agents who specialize in different consumption-production ...
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[PDF] The business cycle and the life cycle

[PDF] from nber.org
P Gomme, R Rogerson, P Rupert… - 2005 - nber.org
The representative household model is the workhorse of modern business-cycle theory. One
can understand this from several perspectives. First, from an empirical perspective, the
business cycle is defined in terms of time series variation in the per-capita values for ...
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Optimal firm size, taxes, and unemployment

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K Burdett… - Journal of Public Economics, 1989 - Elsevier
Abstract We analyze a model similar to the standard implicit contracting framework, but
assume that the size of the firm (the number of workers under contract) is endogenous.
Some well-known predictions from contract theory with firm size fixed exogenously are ...
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Indivisibilities, lotteries, and sunspot equilibria

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K Shell… - Economic Theory, 1993 - Springer
Summary We analyze economies with indivisible commodities. There are two reasons for
doing so. First, we extend and provide some new insights into sunspot equilibrium theory.
Finite competitive economies with perfect markets and convex consumption sets do not ...
Cited by 55 - Related articles - Library Search - All 11 versions

Job search and cyclical unemployment

R Wright - The Journal of Political Economy, 1986 - JSTOR
A model economy is described that integrates job search and signal extraction analysis.
Equilibrium differs from search models without signal extraction in that, even with a fixed real
sector, unemployment fluctuates stochastically. It differs from standard signal extraction ...
Cited by 53 - Related articles - Get it from MIT Libraries - All 5 versions

Why is automobile insurance in Philadelphia so damn expensive?

E Smith… - The American economic review, 1992 - JSTOR
We document and attempt to explain the observation that automobile insurance premiums
vary dramatically across cities. We argue that high premiums can be attributed, at least in
part, to large numbers of uninsured motorists in some markets, while uninsured motorists ...
Cited by 51 - Related articles - Get it from MIT Libraries - Library Search - All 13 versions

Generalized search-theoretic models of monetary exchange

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P Rupert, M Schindler… - Journal of Monetary Economics, 2001 - Elsevier
Virtually all simple search models of money assume agents with money cannot produce,
and so everyone has either 0 or 1 units of money in steady state. We alternatively assume
agents can always produce, and simply restrict money inventories to 0 or 1. This seems ...
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More on Money as a Medium of Exchange

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TJ Kehoe, N Kiyotaki… - Economic Theory, 1993 - Springer
Summary We extend the analysis of Kiyotaki and Wright, who study economies where the
commodities that serve as media of exchange (or, commodity money) are determined
endogenously. Kiyotaki and Wright consider only steady-state, pure-strategy equilibria; ...
Cited by 43 - Related articles - Library Search - All 18 versions

Information, Liquidity and Asset Prices

[PDF] from upenn.edu
B Lester, A Postlewaite… - PIER Working Paper Archive, 2008 - papers.ssrn.com
Abstract: We study economies with multiple assets that are valued both for their return and
liquidity. Exchange occurs in decentralized markets with frictions making a medium of
exchange essential. Some assets are better suited for this role because they are more ...
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[PDF] Search-theoretic models of international currency

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A Trejos… - REVIEW-FEDERAL RESERVE BANK …, 1996 - research.stlouisfed.org
Search-based theories of the exchange process provide economists with a way of
formalizing the microfoundations of monetary economics and to discuss a variety of issues in
monetary theory and policy in a new light. 1 Many questions that cannot even be ...
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Money, banking, and monetary policy

[PDF] from tsinghua.edu.cn
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P He, L Huang… - Journal of Monetary Economics, 2008 - Elsevier
An important function of banks is to issue liabilities, like demand deposits, that are relatively
safe and liquid. We introduce a risk of theft and a safe-keeping role for banks into modern
monetary theory. This provides a general equilibrium framework for analyzing banking in ...
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New monetarist economics: Models

[PDF] from uni-muenchen.de
S Williamson… - Handbook of Monetary Economics, 2010 - books.google.com
Abstract The purpose of this paper is to discuss some of the models used in New Monetarist
Economics, which is our label for a body of recent work on money, banking, payments
systems, asset markets, and related topics. A key principle in New Monetarism is that solid ...
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[PDF] The search-theoretic approach to monetary economics: a primer

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P Rupert, M Schindler, A Shevchenko… - … -Federal Reserve Bank …, 2000 - clevelandfed.org
This paper presents some results in monetary theory derived using very simple game-
theoretic models of the exchange process. The underlying model is a variant of search
theory, a framework that has been used extensively in a wide variety of applications. This ...
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AN ON‐THE‐JOB SEARCH MODEL OF CRIME, INEQUALITY, AND UNEMPLOYMENT*

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K Burdett, R Lagos… - International Economic Review, 2004 - Wiley Online Library
We extend simple search models of crime, unemployment, and inequality to incorporate
on-the-job search. This is valuable because, although simple models are useful, on-the-job search
models are more interesting theoretically and more relevant empirically. We characterize ...
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Inflation and unemployment in the long run

[PDF] from cigilibrary.org
A Berentsen, G Menzio… - 2008 - nber.org
We study the long-run relation between money, measured by inflation or interest rates, and
unemployment. We first discuss data, documenting a strong positive relation between the
variables at low frequencies. We then develop a framework where both money and ...
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Dynamics, cycles, and sunspot equilibria in 'genuinely dynamic, fundamentally disaggregative'models of money

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R Lagos… - Journal of Economic Theory, 2003 - Elsevier
This paper pursues a line of Cass and Shell, who advocate monetary models that are
“genuinely dynamic and fundamentally disaggregative” and incorporate “diversity among
households and variety among commodities”. Recent search-theoretic models fit this ...
Cited by 36 - Related articles - BL Direct - All 31 versions

[BOOK] Household production and taxation in the stochastic growth model

[PDF] from frb.fed.us
ER McGrattan, RD Rogerson, R Wright… - 1993 - research.mpls.frb.fed.us
ABSTRACT We estimate a dynamic general equilibrium model of the US economy that
includes an explicit household production sector. We use these estimates to investigate two
issues. First, we analyze how well the model accounts for aggregate fluctuations. Second, ...
Cited by 36 - Related articles - Get it from MIT Libraries - Library Search - All 14 versions

Price setting, price dispersion, and the value of money: or, the law of two prices

[PDF] from upenn.edu
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E Curtis… - Journal of Monetary Economics, 2004 - Elsevier
We study models combining search, money, price posting, and preference shocks. We show
how these features interact to influence the price level and price dispersion. First, price-
posting equilibria exist with valued fiat currency. Second, although both are possible, price ...
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Market structure and competitive equilibrium in dynamic economic models

RD Wright - Journal of Economic Theory, 1987 - Elsevier
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Alternative theories of wage dispersion

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D Gaumont, M Schindler… - European Economic Review, 2006 - Elsevier
We analyze labor market models where the law of one price fails—ie, models with
equilibrium wage dispersion. We begin considering ex ante heterogeneous workers, but
highlight a problem with this approach: If search is costly the market shuts down. We then ...
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[PDF] Acceptability, means of payment, and media of exchange

[PDF] from ubc.ca
N Kiyotaki… - Federal Reserve Bank of Minneapolis …, 1992 - econ.arts.ubc.ca
Arguably the most important function of money is its role as a medium of exchange. Wicksell
([1906] 1967, p. 15) defined a medium of exchange to be" an object which is taken in
exchange, not on its own account,... not to be consumed by the receiver or to be employed ...
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Inflation and welfare in models with trading frictions

[PDF] from cenet.org.cn
G Rocheteau… - 2003 - papers.ssrn.com
Abstract: We study the effects of inflation in models with various trading frictions. The
framework is related to recent search-based monetary theory, in that trade takes place
periodically in centralized and decentralized markets, but we consider three alternative ...
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A dynamic equilibrium model of search, production, and exchange

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M Boldrin, N Kiyotaki… - Journal of Economic Dynamics and …, 1993 - Elsevier
Abstract We study a general equilibrium model where agents search for production and
trading opportunities, that generalizes the existing literature by considering a large number
of differentiated commodities and agents with idiosyncratic tastes. Thus, agents must ...
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[PDF] Competitive search equilibrium with asymmetric information

[PDF] from uchicago.edu
R Shimer… - 2004 - uchicago.edu
Abstract This paper explores the behavior of a model economy with search frictions and
bilateral asymmetric information. Firms commit to employment contracts in an effort to attract
workers. When a worker and firm meet, the worker must decide whether to supply effort to ...
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Buyers and Sellers: Should I Stay or Should I Go?

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K Burdett, M Coles, N Kiyotaki… - The American Economic Review, 1995 - JSTOR
This paper explores some aspects of the exchange process that should be of interest to
economists who use search theory, and especially to those who use search as a foundation
for monetary economics. We are mainly concerned with a question that seems basic but ...
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New monetarist economics: methods

[PDF] from uni-muenchen.de
SD Williamson… - 2010 - mpra.ub.uni-muenchen.de
This essay articulates the principles and practices of New Monetarism, our label for a recent
body of work on money, banking, payments, and asset markets. We first discuss
methodological issues distinguishing our approach from others: it has something in ...
Cited by 27 - Related articles - All 36 versions

Taxes, redistribution, and growth

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R Wright - Journal of Public Economics, 1996 - Elsevier
This paper develops a simple model to study the effects of growth on economic policy, and,
in particular, on redistributive taxation. I do not explain economic growth; I assume it is
exogenous, and ask how changes in the growth rate (and in several other variables) affect ...
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Matching and money

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D Corbae, T Temzelides… - The American Economic Review, 2002 - JSTOR
In Corbae, Temzelides, and Wright (2001)(hereafter, CTW) we proposed a new version of
the framework that uses bilateral matching to model the exchange process, and in particular
to model the use of money as a medium of exchange. Our version does not have agents ...
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Search, bargaining, money and prices: recent results and policy implications

Full text - MIT Libraries
A Trejos… - Journal of Money, Credit and Banking, 1993 - JSTOR
Recently, the search-theoretic approach to monetary economics has been generalized to
incorporate bilateral bargaining theory in order to determine the equilibrium prices of goods
and money. This constitutes a useful advance over the first generation of search models of ...
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[CITATION] International currency

A Trejos… - Advances in Macroeconomics, 2001
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Homework in Macoreconomics I: Basic Theory (Part I of II)

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J Benhabib, R Wright… - 1990 - nber.org
ABSTRACT This paper argues that the home, or nonmarket, sector is empirically large,
whether measured in terms of the time devoted to household production activities or in terms
of the value of home produced output. We also argue that there may be a good deal of ...
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A uniqueness proof for monetary steady state

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R Wright - Journal of Economic Theory, 2010 - Elsevier
The framework in Lagos and Wright (2005)[20] combining decentralized and centralized
markets is used extensively in monetary economics. Much is known about that model, but
there is a loose end: only under special assumptions about bargaining power or ...
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International currency

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R Wright… - Advances in Macroeconomics, 2001 - degruyter.com
We develop a two-country, two-currency, search-theoretic model of monetary exchange,
extending previous such models by endogenizing prices using bargaining theory. We
analyze features of the environment that make it more likely that a given money circulates ...
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Money and capital

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SB Aruoba, CJ Waller… - Journal of Monetary Economics, 2011 - papers.ssrn.com
Abstract: We revisit classic questions concerning the effects of money on investment in a
new framework: a two-sector model where some trade occurs in centralized and some in
decentralized markets, as in recent monetary theory, but extended to include capital. This ...
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Expectation dependence of random variables, with an application in portfolio theory

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R Wright - Theory and Decision, 1987 - Springer
Perhaps the most familiar notion of dependence between two random variables is their
covariance; but the literature contains many other concepts of stochastic dependence,
typically defined via the distribution or density function. Here we introduce a new concept, ...
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Search, layoffs, and reservation wages

RD Wright - Journal of Labor Economics, 1987 - JSTOR
... Sargent, Thomas J. Dynamic Macroeconomic Theory. Cambridge, Mass.: Harvard University
Press, 1987. Wright, Randall. "Job Search and Cyclical Unemployment." Journal of Political
Economy 94 (February 1986): 38-55. Wright, Randall, and Loberg, Janine. ...
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[PDF] A note on sunspot equilibria in search models of fiat money

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R Wright - Journal of Economic Theory, 1994 - pantherfile.uwm.edu
Search models can generate an endogenous role for fiat money, in the sense that there exist
equilibria where intrisically useless, unbacked, paper currency is valued due to its function
as a medium of exchange. In this note, I ask if there exist sunspot equilibria in these ...
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[PDF] Going to teach in prisons: Culture shock

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R Wright - The Journal of Correctional Education, 2005 - coe.csusb.edu
Abstract Novice prison teachers experience confusion and disorientation--culture shock-
when they go to teach in prison because teaching and prison cultures collide. The stages of
acculturation associated with culture shock are predictable and so are U78 identities and ...
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Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium

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G Rocheteau… - Econometrica (Forthcoming), 2003 - papers.ssrn.com
Abstract: 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 different ...
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General equilibrium with nonconvexities and money

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G Rocheteau, P Rupert, K Shell… - Journal of Economic Theory, 2008 - Elsevier
In a general-equilibrium economy with nonconvexities, there are sunspot equilibria with
good welfare properties; sunspots can ameliorate the effects of the nonconvexities. For
these economies, we show that agents act as if they have quasi-linear utility functions. We ...
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[CITATION] Toward a theory of international currency: a step further

A Trejos… - Working Papers, 1995 - ideas.repec.org
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registered author of this item, you may also want to check the" citations" tab in your profile, ...
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The observational implications of labor contracts in a dynamic general equilibrium model

RD Wright - Journal of Labor Economics, 1988 - JSTOR
Page 1. The Observational Implications of Labor Contracts in a Dynamic General Equilibrium
Model Randall D. Wright, University of Pennsylvania Economies are studied where labor contracts,
even without changing real allocations, can make equilibria appear different. ...
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Information and Liquidity

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B Lester, A Postlewaite… - Journal of Money, Credit …, 2011 - Wiley Online Library
1. We would like to thank Guillaume Rocheteau for an excellent discussion of this paper, as
well as many seminar and conference participants for their input. Postlewaite and Wright
acknowledge support from the National Science Foundation, and Lester acknowledges ...
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The role of household production in models of involuntary unemployment and underemployment

E Nosal, R Rogerson… - Canadian Journal of Economics, 1992 - JSTOR
A classic result in the theory of labour contracts with asymmetric information is that
underemployment results if and only if leisure is an inferior good. A classic result in models
where unemployment occurs because of indivisibilities, including implicit contract models ...
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Inflation and Unemployment in General Equilibrium*

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G Rocheteau, P Rupert… - The Scandinavian Journal …, 2007 - Wiley Online Library
When labor is indivisible, there exist efficient outcomes with some agents randomly
unemployed, as in Rogerson (1988). We integrate this idea into the modern theory of
monetary exchange, where some trade occurs in centralized markets and some in ...
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INTRODUCTION TO “MODELS OF MONETARY ECONOMIES II: THE NEXT GENERATION”*

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R Wright - International Economic Review, 2005 - Wiley Online Library
In 1978, John Kareken and Neil Wallace of the University of Minnesota organized a
conference on monetary economics at the Federal Reserve Bank of Minneapolis. The
conference proceedings were published as a book by the Bank under the title “Models of ...
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[PDF] Liquidity and the Market for Ideas

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R Silveira… - Journal of Economic Theory, 2005 - nber.org
Abstract We study markets where innovators can sell ideas to entrepreneurs, who may be
better at implementing them. These markets are decentralized, with random matching and
bargaining. Entrepreneurs hold liquid assets lest potentially profitable opportunities may ...
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Search for a Theory of Money

N Kiyotaki… - 1990 - nber.org
The classical and early neoclassical economists knew that the essential function of money
was its role as a medium of exchange; Recently, this idea has been formalized using search-
theoretic noncooperative equilibrium models of the exchange process. The goal of this ...
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[PDF] Household production and development

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SL Parente, R Rogerson… - Economic Review-Federal …, 1999 - clevelandfed.org
Differences in standards of living across countries are large. For example, Summers and
Heston (1991) indicate that income per worker is around 30 times higher in the richest
countries than it is in the poorest countries. Why are differences in living standards so big? ...
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[PDF] New monetarist economics

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S Williamson… - Manuscript dated September, 2008 - c.research.stlouisfed.org
Abstract This paper articulates the principles and models of New Monetarism, which is our
label for a body of recent work on money, banking, payments systems, and asset markets.
The approach that has something in common with Old Monetarism, but also some key ...
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On the multiplicity of monetary equilibria: Green–Zhou meets Lagos–Wright

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K Jean, S Rabinovich… - Journal of Economic Theory, 2010 - Elsevier
Green and Zhou relax the assumption, made in early search-based models of monetary
exchange, of indivisible money. Their paper and various extensions make much technical
progress, and derive some interesting substantive results. In particular, they show there is ...
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[PDF] The venture capital cycle

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R Silviera… - Journal of Economic Theory, forthcoming, 2010 - Citeseer
Abstract We propose a model of venture capital markets, characterized by the following
cycle:(i) capitalists raise funds;(ii) capitalists and entre% preneurs match;(iii) after matching
both parties take active roles in implementation;(iv) when ventures mature capitalists ...
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[CITATION] A general model of unemployment insurance with and without short-time compensation

R Wright… - Research in labor economics, 1988
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Unemployment insurance, taxes, and unemployment

R Wright… - Canadian Journal of Economics, 1987 - JSTOR
Unemployment insurance is financed by a tax on wages below a given ceiling. Hamermesh
advocates raising this ceiling on distributional grounds. In a job search model this does
decrease unemployment among low-wage workers but also increases unemployment ...
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[PDF] When is Money Essential? A Comment on Aliprantis, Camera and Puzzello

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R Lagos… - 2008 - sites.google.com
Abstract. In a recent article, Aliprantis, Camera, and Puzzello (2007b)(henceforth ACP), use
a seemingly minor variant of the environment we developed in Lagos and Wright
(2005)(henceforth LW), to conclude that introducing Walrasian trading into monetary ...
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[CITATION] Buyers and sellers

K Burdett, M Coles, N Kiyotaki… - 1993 - University of Pennsylvania, Center …
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[CITATION] A proof of uniqueness of monetary steady state

R Wright - Journal of Economic Theory, 2007
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Search and the market for ideas

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R Silveira… - Journal of Economic Theory, 2010 - Elsevier
We study a market where innovators, who are good at coming up with ideas, can sell them to
entrepreneurs, who might be better at implementing them. The market is decentralized, with
random matching and bargaining. Ideas are characterized by five salient features: they ...
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Liquidity and asset market dynamics

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G Rocheteau… - 2010 - papers.ssrn.com
Abstract: We study economies with an essential role for liquid assets in transactions. The
model can generate multiple stationary equilibria, across which asset prices, market
participation, capitalization, output and welfare are positively related. It can also generate ...
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[BOOK] Dynamic bargaining theory

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MG Coles, R Wright… - 1994 - minneapolisfed.org
ABSTRACT The goal of this paper is to extend the analysis of strategic bargaining to
nonstationary environments, where preferences or opportunities may be changing over time.
We are mainly interested in equilibria where trade occurs immediately, once the agents ...
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[PDF] The labor market implications of unemployment insurance and short-time compensation

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R Wright - Federal Reserve Bank of Minneapolis Quarterly …, 1991 - minneapolisfed.org
Unemployment insurance is a policy instrument designed to help alleviate the costs to
individuals of losing their jobs for reasons beyond their control. It does more than that,
however. Economic theory and empirical evidence demonstrate that the presence of ...
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A simple search model of money with heterogeneous agents and partial acceptability

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A Shevchenko… - Economic Theory, 2004 - Springer
Summary. Simple search models have equilibria where some agents accept money and
others do not. We argue such equilibria should not be taken seriously. This is unfortunate if
one wants a model with partial acceptability. We introduce heterogeneous agents and ...
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[PDF] Care as the" heart" of prison teaching

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R Wright - Journal of Correctional Education, 2004 - coe.csusb.edu
Abstract Despite the poweijul, pen/asive institutional imperatives of the prison to control,
discipline and house inmates, teachers seem to care deeply for their students, They also
intuitively know that caring is very much a part of a successful teaching practice behind ...
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Money as a medium of exchange when goods vary by supply and demand

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X Cuadras-Morato… - Macroeconomic Dynamics, 1997 - Cambridge Univ Press
Abstract Models of the exchange process based on search theory can be used to analyze
the features of objects that make them more or less likely to emerge as money in equilibrium.
These models illustrate the trade-off between endogenous acceptability (an equilibrium ...
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