We consider an economy where trade is decentralized and agents have incomplete information with respect to the value of money. Agents' learning evolves from private experiences and we explore how the formation of prices interacts with learning. We show that multiple equilibria arise, and...

The dissertation analyzes several important applications of the search-theoretic approach to monetary economics and intermediation theory. After presenting in the first chapter (joint with Peter Rupert, Martin Schindler and Randall Wright) a simple version of the basic monetary models used in...