frictions to incorporate the interrelationship of money, search, and endogenous price dispersion. Inflation aspects welfare …This paper studies the effect of inflation on welfare in a monetary economy with price dispersion and consumer search …. When facing greater price dispersion with higher inflation, consumers search harder for lower prices, and increased search …

This paper provides a search theoretical model that captures two phenomena that have characterized several episodes of …

by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple …We construct a tractable model of divisible money and equilibrium heterogeneity in money balances and prices. We do so … observed in numerically simulated economies with fully divisible money and price heterogeneity. …

Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a … behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of … exchange. Overall, our results favour money over autarky, especially if agents are patient. …

equilibrium model. Agents are subject to liquidity shocks which can be partially insured in a secured money market, or at a … and that a shift of the corridor affects the money market rate one for one. Moreover, the central bank can tighten its …

A prominent feature of the Kiyotaki–Wright model of commodity money is multiplicity of dynamic equilibria. We show that … the extent of multiplicity hinges on the frequency of search. Holding fixed the average number of meetings over time, we … vary search frequency by altering the interval between search opportunities. To isolate the role of search frequency, we …

We construct a dynamic equilibrium model where there is costly search in the goods market and the labor market …. Incorporating shocks to money growth and productivity, we calibrate the model to the US time series data to examine the model …'s quantitative predictions on aggregate variables and, in particular, on the variability of consumption velocity of money. Despite …

economic activities. This policy is analyzed in a search-theoretic monetary economy with government enforcement. Individuals …

This paper adopts mechanism design to investigate the coexistence of fiat money and higher-return assets. We consider … an economy with pairwise meetings where fiat money and risk-free capital compete as means of payment, as in [28]. The … societyʼs welfare. We show that in any stationary monetary equilibrium capital commands a higher rate of return than fiat money. …