We introduce an element of centralization in a random matching model of money that allows for private liabilities to circulate as media of exchange. Some agents which we identify as banks, are endowed with the technology to issue notes and to record-keep reserves with a central clearinghouse,...

This paper considers the estimation of dynamic structural models where the decision variables are censored. We present and discuss several econometric issues and estimation methods under alternative stochastic structure of the unobservables, different potential sources of censoring, and...

The essential idea of equilibrium search models of labor market behavior is that wage policy matters. In this paper we provide for estimating equilibrium search models using a non-parametric estimator of heterogeneity.