Published Research
Information Acquisition and Price Discrimination in Dynamic, Decentralized Markets. 2024, Review of Economic Dynamics (Forthcoming). Joint with Michael Choi.
A Model of Zombie Firms and the Perils of Negative Real Interest Rates. 2024, Journal of Political Economy: Macroeconomics (Forthcoming).
Unemployment and the Distribution of Liquidity. 2023, Journal of Political Economy: Macroeconomics 1, 742–787. Joint with Zach Bethune.
A Model of Retail Banking and the Deposits Channel of Monetary Policy 2023, Journal of Monetary Economics 139, 127-147. Joint with Michael Choi.
Endogenous Liquidity and Volatility 2023, Journal of Economic Theory 210, MS# 105652. Joint with Lu Wang.
Lending Relationships and Optimal Monetary Policy 2022, Review of Economic Studies 89, 1833-1872. Joint with Zach Bethune, Russell Wong, and Cathy Zhang.
More on Money Mining and Price Dynamics: Competing and Divisible Currencies 2022, Journal of Economic Dynamics and Control 142. Joint with Michael Choi.
Gradual Bargaining in Decentralized Asset Markets 2021, Review of Economic Dynamics 42, 72-109. Joint with Tai-Wei Hu, Lucie Lebeau, and Younghwan In
Money Mining and Price Dynamics 2021, American Economic Journal: Macroeconomics 13, 246-294. Joint with Michael Choi.
New Monetarism in Continuous Time: Methods and Applications 2021, Economic Journal, 131, 658-696. Joint with Michael Choi.
An Heterogeneous-Agent New Monetarist Model with an Application to Unemployment 2021, Journal of Monetary Economics, 117. Joint with Pierre-Olivier Weill and Tsz-Nga Wong
An earlier version (2015) with more details on money in the short run: Working Through the Distribution: Money in the Short and Long Run NBER Working Paper #21779, 2015.
Bargaining under Liquidity Constraints: Unified Strategic Foundations of the Nash and Kalai Solutions 2020, Journal of Economic Theory, 189. Joint with Tai-Wei Hu.
Open Market Operations 2018, Journal of Monetary Economics 98, 114-128. Joint with Randall Wright and Sylvia Xiao.
A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity 2018, Theoretical Economics 13, 1369-1423. Joint with Pierre-Olivier Weill and Russell Wong. Supplementary Appendices
Indeterminacy in Credit Economies 2018, Journal of Economic Theory, 175, 556-584. Joint with Zach Bethune and Tai-Wei Hu.
Corporate Finance and Monetary Policy 2018, American Economic Review, 108, 1147-86. Joint with Randall Wright and Cathy Zhang.
Optimal Credit Cycles 2018, Review of Economic Dynamics 27, 231-245. Joint with Zach Bethune and Tai-Wei Hu.
Liquidity: A New-Monetarist Perspective 2017, Journal of Economic Literature 55, 371–440. Joint with Ricardo Lagos and Randall Wright.
Limelight on Dark Markets: Theory and Experimental Evidence on Liquidity and Information 2017, Journal of Economic Dynamics and Control 75, 70-90. Joint with Aleksander Berentsen and Mike McBride.
Decentralizing Constrained-Efficient Allocations in the Lagos-Wright Pure Currency Economy. 2017, Journal of Economic Theory 167, 1-13. Joint with Ayushi Bajaj, Tai-Wei Hu, and Mario Rafael Silva.
Financial Frictions, the Housing Market, and Unemployment 2016, Journal of Economic Theory 164, 101-135, joint with Bill Branch and Nicolas Petrosky-Nadeau
Competing for Order Flow in OTC Markets 2015, Journal of Money, Credit, and Banking 47, 77-126. Joint with Ben Lester and Pierre-Olivier Weill.
Monetary Policy and Asset Prices: A Mechanism Design Approach 2015, Journal of Money, Credit, and Banking 47, 39-76. Joint with Tai-Wei Hu.
Aggregate Unemployment and Household Unsecured Debt 2015, Review of Economic Dynamics 18. Joint with Zach Bethune and Peter Rupert.
Liquidity Provision, Interest Rates, and Unemployment 2014, Journal of Monetary Economics 65, 80-101. Joint with Antonio Rodriguez-Lopez
On the Coexistence of Money and Higher Return Assets and its Social Role 2013, Journal of Economic Theory 148, 2520-2560. Joint with Tai-Wei Hu.
Liquidity and Asset Market Dynamics 2013, Journal of Monetary Economics 60, 275-294. Joint with Randall Wright.
Pairwise Trades, Asset Prices, and Monetary Policy 2013, Journal of Economic Dynamics and Control 37, 1-17. Joint with Ed Nosal.
Liquidity and the Threat of Fraudulent Assets 2012, Journal of Political Economy 120, 815-846. Joint with Yiting Li and Pierre-Olivier Weill.
The Cost of Inflation: A Mechanism Design Approach 2012, Journal of Economic Theory 147, 1261–1279.
Crises and Liquidity in Over-the-Counter Markets 2011, Journal of Economic Theory 146, 2169-2205. Joint with Ricardo Lagos and Pierre-Olivier Weill.
Payments Systems 2011, Annual Review of Financial Economics 3, 259-287. Joint with Ed Nosal and Jamie McAndrews.
Payments and Liquidity under Adverse Selection 2011, Journal of Monetary Economics 58, 191-205.
Liquidity in Frictional Asset Markets 2011, Journal of Money, Credit, and Banking 43, 261-282. Joint with Pierre-Olivier Weill
Discussion of "Information and Liquidity" 2011, Journal of Money, Credit, and Banking 43, 379-384. An extended version
On the Threat of Counterfeiting 2011, Macroeconomic Dynamics 15, 10-41. Joint with Yiting Li.
Liquidity in Asset Markets with Search Frictions 2009, Econometrica 77, 403-426. Joint with Ricardo Lagos.
Inflation and Welfare in Models with Trading Frictions 2009, in Monetary Policy in Low Inflation Economies, Ed Nosal and Dave Altig, Cambridge University Press. Joint with Randall Wright. Discussion by Jim Bullard
Crime and the Labor Market: A Search Model with Optimal Contracts 2008, Journal of Public Economics 92, 1876-1891. Joint with Bryan Engelhardt and Peter Rupert.
General Equilibrium with Nonconvexities and Money 2008, Journal of Economic Theory 142, 294-317.Joint with Peter Rupert, Karl Shell and Randall Wright.
Money and Capital as Competing Media of Exchange 2008, Journal of Economic Theory 142, 247-258. Joint with Ricardo Lagos.
State-Dependent Pricing, Inflation, and Welfare 2008, European Economic Review 52, 441-468. Joint with Ben Craig.
Inflation and Unemployment in General Equilibrium 2008, Scandinavian Journal of Economics 109, 837-855. Joint with Peter Rupert and Randall Wright.
Inflation and Welfare: A search Approach 2008, Journal of Money, Credit and Banking 40, 89-120. Joint with Ben Craig.
Bargaining and the Value of Money 2007, Journal of Monetary Economics 54, 2636-2655.
Joint with Boragan Aruoba and Christopher Waller. An earlier version with additional bargaining solutions
Search in Asset Markets: Market Structure, Liquidity, and Welfare 2007, American Economic Review 97 (Papers and proceedings), 198-202. Joint with Ricardo Lagos.
Hosios Meets Friedman: On Efficiency in Search Models of Money 2007, Economic Journal 117, 174-195. Joint with Aleksander Berentsen and Shouyong Shi.
Inflation, Output, and Welfare 2005, International Economic Review 46, 495-522. Joint with Ricardo Lagos.
Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium 2005, Econometrica 73, 175-202. Joint with Randall Wright.
Money and Information 2004, Review of Economic Studies, 71, 915-944. Joint with Aleksander Berentsen.
On the Friedman Rule in Search Models with Divisible Money 2003, Contributions to Macroeconomics, 3, No. 1, Article 11. Joint with Aleksander Berentsen.
Money and the Gains from Trade 2003, International Economic Review, 44, 263-297. Joint with Aleksander Berentsen.
On the Efficiency of Monetary Exchange: How Divisibility of Money Matters 2002, Journal of Monetary Economics 49, 1621-1649. Joint with Aleksander Berentsen.
On the Launching of a New Currency 2002, Journal of Money, Credit, and Banking, 34. Joint with Sebastien Lotz.
Working Time Regulation in a Search Economy with Worker Moral Hazard 2002, Journal of Public Economics 84, 387-425.
Equilibrium Unemployment and Wage Formation with Matching Frictions and Worker Moral Hazard 2001, Labour Economics 8, 75-102
Theorie de la Recherche, i.e. Search Theory, 2001, In Dictionnaire des Sciences Economique, Eds Claude Jessua, Christian Labrousse and Daniel Vitry, Presses Universitaires de France.
Substitution des Monnaies et Cours Legal, i.e. Currency Substitution and Legal Tender, 2001, Revue d'Economie Politique 111, 459-480. Joint with Sebastien Lotz.
Monnaie et Termes de l'Echange dans les Modeles de Prospection, i.e. Money and Terms of Trade in Search-Theoretic Models, 2001, Revue d'Economie Politique 111, 377-399. Joint with Aleksander Berentsen.
Search, Price Illusion and Welfare 2000, Journal of Macroeconomics 22, 109-124. Joint with Damien Besancenot and Radu Vranceanu.
La Quantite Optimale de Monnaie dans un Modele avec Appariements Aleatoires, i.e. The Optimum Quantity of Money in a Simple Random Matching Model, 2000, Les Annales d'Economie et Statistique58, 101-142.
Can an Unemployment System Generate Multiple Natural Rates ? 1999, International Tax and Public Finance 6, 379-387.
Balanced-Budget Rules and Indeterminacy of the Equilibrium Unemployment Rate 1999, Oxford Economic Papers 51, 399-409.
Choix de Recrutement, Salaire et Chomage d'Equilibre, i.e. Recruitment Choices, Wages and Equilibrium Unemployment, 1999, Revue Economique 50, 937-964.
Fed Publications
Coordination Failures in the Labor Market, 2007, November, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with MuratTasci)
The Minimum Wage and the Labor Market, 2007, May 1, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Murat Tasci)
Understanding Unemployment, 2006, October 15, Economic Commentary of the Federal Reserve Bank of Cleveland
Economics of payments, 2006, Policy Discussion Paper of the Federal Reserve Bank of Cleveland, no 14
(joint with Ed Nosal)
Inflation and welfare: A search approach, 2006, Policy Discussion Paper of the Federal Reserve Bank of Cleveland, no 12 (joint with Ben Craig)
The Tale of Gresham's Law, 2005, October 1, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Richard Dutu and Ed Nosal)
Rethinking the welfare cost of inflation, 2005, March 1, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Ben Craig)
The fate of the one-dollar coins in the U.S., 2004, October 15, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Sebastien Lotz)