This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …

This essay surveys the literature on directed search and competitive search equilibrium,
covering theory and a variety of applications. These models share features with traditional …

The second edition of an essential text on the microeconomic foundations of banking
surveys the latest research in banking theory, with new material that covers recent …

Search-theoretic models of monetary exchange are based on explicit descriptions of the
frictions that make money essential. However, tractable versions of these models typically …

Understanding Institutions proposes a new unified theory of social institutions that combines
the best insights of philosophers and social scientists who have written on this topic …

The purpose of this research is to investigate the effect of macroeconomic factors on the
volatility of Somalia's unregulated exchange rates. While utilizing the EGARCH (exponential …

We compare three market structures for monetary economies: bargaining (search
equilibrium); price taking (competitive equilibrium); and price posting (competitive search …

The goal of this paper is to extend existing search-theoretic models of fiat money, which until
now have assumed that the price level is exogenous, by explicitly incorporating bilateral …

How is finance related to economic processes, and why should it be viewed as a public
good requiring policy action? This book provides an answer. The book develops a practical …

We use the framework of random matching games and develop a two-country model of the
world economy, in which two national currencies compete and may be circulated as media …