Rocheteau, Guillaume; Rupert, Peter; Wright, Randall - In: Scandinavian Journal of Economics 109 (2008) 4, pp. 837-855
When labor is indivisible, there exist efficient outcomes with some agents randomly unemployed, as in <link rid="b34">Rogerson (1988)</link>. We integrate this idea into the modern theory of monetary exchange, where some trade occurs in centralized markets and some in decentralized markets, as in <link rid="b25">Lagos and Wright...