In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …

monetary theory for tractability reasons. In this paper, we fill in this gap by constructing a tractable search model of money … with a non-degenerate distribution of money holdings. We assume search to be directed in the sense that buyers know the … terms of trade before visiting particular sellers. Directed search makes the monetary steady state block recursive in the …

highlights how learning and inventory management enable search intermediaries to internalize information externalities generated … in unintermediated private search. …

A committee decides by unanimity whether to accept the current alternative, or to continue costly search. Alternatives …

management enable search intermediaries to internalize information externalities generated in unintermediated private search. …

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 …

equilibrium search model of the labor market with an endogenous number of contacts between workers and firms. Workers contact … estimated parameter values welfare is improved if unemployed workers increase their search intensity. …

We study a large market with directed search and signaling. Each seller chooses an investment that determines the … selling sites. After observing sellers' choices of prices and sites, but not quality, buyers choose which price to search. The … seller's choices of prices and sites can direct buyers' search decisions and signal quality ex-ante. After matching, a buyer …