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. …

We construct a dynamic equilibrium model where there is costly search in the goods market and the labor market … generates these results largely because costly search gives an important role to the extensive margin of trade. …

I construct a search model to formalize the intuitive idea that sellers hold sales to attract buyers and build customer …

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 …, providing a rational explanation for discouragement as the consequence of negative search outcomes. In particular, longer …

Many markets feature sequentially mixed search (SMS), which has directed search followed by noisy matching with … widens price dispersion. An extension that endogenizes search effort leads to constrained inefficiency of the equilibrium …

search frictions. The efficient organization depends on the relative elasticity in the supply between the two sides of the … market, the costs of participating in the market and organizing trade, and the (a)symmetry in matching. We also show that the … other side's search. The results provide a unified explanation for why trade has often been organized by sellers in the …

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 …

We construct an equilibrium theory of learning from search in the labor market, which addresses the search behavior of … incomplete information about his job-finding ability and learns about it from his search outcomes. The theory formalizes a notion …-finding abilities downward and reduce their desired wages. One contribution of the paper is to integrate learning from search into an …

I analyze the equilibrium in a labor market where firms offer wage-tenure contracts to direct the search of employed … differently from the that in the literature of undirected search. I provide such a formulation and show that the equilibrium … exists. In the equilibrium, individuals explicitly tradeoff between an offer and the matching rate at that offer. This …

over unemployment spells. After each period of search, unemployed workers update their beliefs about the market matching … distribution is non-degenerate, despite the facts that matches are homogeneous and search is directed. Moreover, aggregate matching …In this paper we consider learning from search as a mechanism to understand the relationship between unemployment …