The aim of this paper is to study asset reallocation in financial markets subject to search, bargaining, and … consequence, a positive liquidity differential between money and real assets emerges, resulting in an increased demand for fiat … money, as observed since the eruption of the global financial crisis. A policy intervention replacing information sensitive …

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 …

search, and type changes induced by matching. Under independence assumptions at each randomization step, we show that there …

We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its … value. We first document a network effect: the value of a given unit of money is higher when its distribution is even …. This approach is designed to be especially pertinent in the context of private issuance of money, in particular …

This paper generalizes the original random matching model of money by Kiyotaki and Wright (1989) (KW) in two aspects …

This paper uses an evolutionary approach to explain the origin of money as media of exchange in a primitive economy …

, agents have excess demand for or supply of money balances. Banks arise to reallocate excess cash by taking deposits from …