Similar Search Results

Equilibrium Price Dispersion Across and Within Stores

Menzio, Guido; Trachter, Nicholas - Department of Economics, University of Pennsylvania - 2015

We develop a search-theoretic model of the product market that generates price dispersion across and within stores …

Persistent link: https://www.econbiz.de/10011122482

Premuneration Values and Investments in Matching Markets

Mailath, George; Postlewaite, Andrew; Samuelson, Larry - Department of Economics, University of Pennsylvania - 2012

We examine markets in which agents make investments and then match into pairs, creating surpluses that depend on their investments and that can be split between the matched agents. In general, each of the matched agents would ”own" part of the surplus in the absence of interagent transfers....

Persistent link: https://www.econbiz.de/10010822874

Inflation and Unemployment in the Long Run

Berentsen, Aleksander; Menzio, Guido; Wright, Randall - Department of Economics, University of Pennsylvania - 2008

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 unemployment are modeled using...

Persistent link: https://www.econbiz.de/10005102079

Search, Money and Capital: A Neoclassical Dichotomy, Second Version

Aruoba, S. Boragan; Wright, Randall - Department of Economics, University of Pennsylvania - 2002

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 …

Persistent link: https://www.econbiz.de/10005102114

Strategic Firms and Endogenous Consumer Emulation

Kircher, Philipp; Postlewaite, Andrew - Department of Economics, University of Pennsylvania - 2008

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

Persistent link: https://www.econbiz.de/10005061909

Inflation and Welfare in Models with Trading Frictions

Rocheteau, Guillaume; Wright, Randall - Department of Economics, University of Pennsylvania - 2003

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

Persistent link: https://www.econbiz.de/10005061927

“On the ‘Hot Potato Effect’ of Inflation: Intensive versus Extensive Margins”

Liu, Lucy Qian; Wang, Liang; Wright, Randall - Department of Economics, University of Pennsylvania - 2009

this is a channel through which inflation affects velocity and welfare. Monetary theory with endoge- nous search intensity … exchange and hence reduces search effort. We replace search intensity with a free entry (participation) decision for buyers - i …

Persistent link: https://www.econbiz.de/10008502078

Crime, Inequality, and Unemployment, Second Version

Burdett, Kenneth; Lagos, Ricardo; Wright, Randall - Department of Economics, University of Pennsylvania - 2002

There is much discussion of the relationships between crime, inequality, and unemployment. We construct a model where all three are endogenous. We find that introducing crime into otherwise standard models of labor markets has several interesting implications. For example, it can lead to wage...

Persistent link: https://www.econbiz.de/10005126677

Alternative Theories of Wage Dispersion

Gaumont, Damien; Schindler, Martin; Wright, Randall - Department of Economics, University of Pennsylvania - 2005

. 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 …

Persistent link: https://www.econbiz.de/10005126691

Competitive Bargaining Equilibrium

Dávila, Julio; Eeckhout, Jan - Department of Economics, University of Pennsylvania - 2004

We propose a simple bargaining procedure, the equilibrium of which converges to the Walrasian allocation as the agents become increasingly patient. We thus establish that the competitive outcome obtains even if agents have market power and are not price-takers. Moreover, where in other...

Persistent link: https://www.econbiz.de/10005126704