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

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

We compare three pricing mechanisms for monetary economies: bargaining (search equilibrium); price taking (competitive … equilibrium); and price posting (competitive search equilibrium). We do this in a framework that, in addition to considering … different mechanisms, extends existing work on the microfoundations of money by allowing a general matching technology and …

We study the effects of inflation in models with various trading frictions. The framework is related to recent search … alternative mechanisms for price formation: bargaining, price taking, and posting. Both the value of money per transaction and …

into the search model some centralized markets as well as some decentralized markets where money is essential. This paper …Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating … nests the search-theoretic monetary model and a standard neoclassical growth model as special cases. Perhaps surprisingly …

money. Agents' learning evolves from private experiences and we explore how the formation of prices interacts with learning …

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. …