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 …

This essay surveys the literature on directed/competitive search, covering theory and
applications in, eg, labor, housing and monetary economics. These models share features …

This paper proposes a labour market model with job search frictions where workers have
private information on match quality and effort. Firms use wage contracts to motivate …

We construct a model in which screening of heterogeneous workers by employers plays a
central role in determining both the flows into and out of unemployment. Following a …

Two thirds of US unemployment volatility is due to fluctuations in workers' job-finding rate. In
search and matching models, aggregate productivity shocks generate such fluctuations: via …

We study optimal monetary policy and welfare properties of a dynamic stochastic general
equilibrium (DSGE) model with a labor selection process, labor turnover costs, and Nash …

A labor market specification featuring search frictions and unemployment within an
otherwise standard New Keynesian small open economy model significantly improves its …

Idiosyncratic productivity shocks induce larger adjustments to hiring than aggregate shocks,
because general equilibrium effects on search frictions and wages partially offset the latter …

The standard search and matching model with rational expectations is well known to be
unable to generate amplification in unemployment and vacancies. We document a new …

We employ a new Keynesian model with random search in the labor market and
endogenous selection among heterogeneous workers to investigate the impact of a …