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

all three are endogenous. We find that introducing crime into otherwise standard models of labor markets has several … traditional labor market policies like changing unemployment insurance. …

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 …, and to discuss the effects of changes in labor market and anti-crime policies. …

We investigate under which conditions price competition in a market with matching frictions leads to sorting of buyers … seller types, and does not depend on the details of the underlying matching function that describes the search process. The … search. This highlights the role competition plays in matching heterogeneous agents. Negative assortative matching obtains …

We analyze labor market models where the law of one price does not hold; i.e., models with equilibrium wage dispersion …. 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 …

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

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 towards this integration by introducing labor, capital and neoclassical firms. The resulting framework …

affects the efficiency of equilibrium investments and affects the agents' payoffs. In particular, it is possible that …