The paper extends the basic Stiglitz (1982) model of optimal income taxation into general search equilibrium. When we …

This paper shows that prices may be sticky when buyers must search to determine the current market price and there is …

This paper considers a frictional market where buyers and sellers, with unit demand and supply, search for trading … opportunities. The analysis focuses on explicit search frictions, allows for two-sided incomplete information, and puts no … restriction on agent heterogeneity. In this context, a non-trivial, full trade search equilibrium is shown to exist, equilibria …

private information. Agents engage in costly search and meet randomly. The terms of trade are determined through a Bayesian … mechanism proposal game. The paper considers a market in steady state. As discounting and the fixed cost of search become small …

find that fire-sale asset prices are efficient and that no liquidity hoarding occurs in equilibrium. While Gale and … Yorulmazer find that the market provides insufficient liquidity, we find that it provides too much liquidity. …

assume that one defaultable asset (at least) looses value when thedefault occurs. We prove that under this assumption, in …

asset, the fee stream of the underlying forward-starting CDS. As this numeraire becomes worthless in default, certain …

equilibria. We show that the frequency of search is strongly related to the extent of multiplicity. To isolate the role of … frequency of search in generating multiplicity, we (i) vary the frequency of search without changing the frequency of finding a … of the set of equilibria. For any finite frequency of search this class retains much of the multiplicity. For each …

process and labor markets are characterized by search and matching frictions. Entrants post vacancies and are matched to idle …