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 …

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. …

This paper examines the competition between money and credit in a search model with divisible commodities. It is shown … of money from below by that of credit. In so doing it eliminates the weak monetary equilibrium found in previous search … that flat money can be valuable even though it yields a lower rate of return than the coexisting credit. The competition …

This paper examines the competition between money and credit in a search model with divisible commodities. It is shown … of money from below by that of credit. In so doing it eliminates the weak monetary equilibrium found in previous search … that flat money can be valuable even though it yields a lower rate of return than the coexisting credit. The competition …

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 …