I construct a theoretical framework in which firms offer wage-tenure contracts to direct the search by risk-averse workers. All workers can search, on or off the job. I characterize an equilibrium and prove its existence. The equilibrium generates a nondegenerate, continuous distribution of...

This paper extends the Kiyotaki-Wright model of fiat money to allow for divisible money and goods. By severing the artificial link in the Kiyotaki-Wright model between the money supply and the number of money holders, the author shows that money is neutral but not superneutral. Money growth...

We examine the labor market effects of incomplete information about the workers' own job-finding process. Search outcomes convey valuable information, and learning from search generates endogenous heterogeneity in workers' beliefs about their job-finding probability. We characterize this process...