A prominent feature of the Kiyotaki–Wright model of commodity money is multiplicity of dynamic equilibria. We show that … the extent of multiplicity hinges on the frequency of search. Holding fixed the average number of meetings over time, we … vary search frequency by altering the interval between search opportunities. To isolate the role of search frequency, we …

search, and type changes induced by matching. Under independence assumptions at each randomization step, we show that there …

This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods in … the one emphasized in the labor-market literature. Buyers cannot obtain the full return that an additional unit of money … provides to the match, which makes the purchasing power of money inefficiently low in equilibrium. Consequently, even though …

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 … and provide conditions under which the steady-state distribution of buyers over money balances is non-degenerate. Moreover …

Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a … behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of … exchange. Overall, our results favour money over autarky, especially if agents are patient. …

We study price posting with undirected search in a search-theoretic monetary model with divisible money and divisible … that exhibits quantity discounts. Buyers may spend nothing, a fraction or all of their money holdings, depending on their … fractions of money being spent. …