We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings …. Analytical tractability comes from modeling decentralized exchange as directed search, which makes the monetary steady state … and provide conditions under which the steady-state distribution of buyers over money balances is non-degenerate. Moreover …

seems to be not essential to rationalize the use of money in a search theoretic framework. This paper analyzes an endogenous … price search model of money where there is universal double coincidence of wants. The existence of a monetary equilibrium … relative to their bargaining power in the labour market. The rationale for money comes from the fact that entrepreneurs use it …

In a simple search model of money, we study a special kind of memory which gives rise to an arrangement resembling a …

This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods in … the one emphasized in the labor-market literature. Buyers cannot obtain the full return that an additional unit of money … provides to the match, which makes the purchasing power of money inefficiently low in equilibrium. Consequently, even though …

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 …

We construct a search-theoretic model where fiat money coexists with real assets, and all assets can be used as a media … facts: (i) fiat money can be valued despite being dominated in its rate of return; (ii) real assets with identical dividend …

seems to be not essential to rationalize the use of money in a search theoretic framework. This paper analyzes an endogenous … price search model of money where there is universal double coincidence of wants. The existence of a monetary equilibrium … relative to their bargaining power in the labour market. The rationale for money comes from the fact that entrepreneurs use it …

This paper studies the launching of a new fiat currency within a search-theoretic framework. We show that legal tender …

economics. Then, I review recent developments of a particular microfoundation of money, commonly known as the search theory of …In this lecture, I explain what the microfoundations of money are about and why they are necessary for monetary … money. Finally, I outline some unresolved issues. …