In this paper we develop a two-country global monetary economy where a monetary equilibrium exists because of fundamentaldecentralized trade frictions ? a Lagos-Wright search and matching friction. In the decentralized markets (DM), the terms of trade can be determined either by bargaining or by...

This paper studies work flow dynamics in Korea from 2000 to 2011 by using data from Economically Active Population Survey (EAPS). We examine the size and cyclicality of both the gross work flows and the associated transition rates between the labor market states of employment, unemployment, and...