Published Research

Academic Publications 

A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity 2018, Theoretical Economics, Forthcoming. Joint with Pierre-Olivier Weill and Russell Wong.

Supplementary Appendices

Corporate Finance and Monetary Policy 2018, American Economic Review108, 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.

Supplemental Appendices

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  2015Journal 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 2012Journal of Political Economy 120, 815-846. Joint with Yiting Li and Pierre-Olivier Weill.

Version with unpublished appendices, including a model with Asset-Backed Securities

The Cost of Inflation: A Mechanism Design Approach 2012, Journal of Economic Theory 147, 1261–1279.

Crises and Liquidity in Over-the-Counter Markets 2011Journal of Economic Theory 146, 2169-2205. Joint with Ricardo Lagos and Pierre-Olivier Weill.


Payments Systems 2011Annual Review of Financial Economics 3, 259-287. Joint with Ed Nosal and Jamie McAndrews.

Payments and Liquidity under Adverse Selection 2011Journal of Monetary Economics 58, 191-205.


Liquidity in Frictional Asset Markets 2011Journal of Money, Credit, and Banking 43, 261-282. Joint with Pierre-Olivier Weill

Discussion of "Information and Liquidity" 2011Journal of Money, Credit, and Banking 43, 379-384. An extended version

On the Threat of Counterfeiting 2011Macroeconomic Dynamics 15, 10-41. Joint with Yiting Li.


Liquidity in Asset Markets with Search Frictions 2009Econometrica 77, 403-426. Joint with Ricardo Lagos. Supplementary material

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 2008Journal of Public Economics 92, 1876-1891. Joint with Bryan Engelhardt and Peter Rupert.


General Equilibrium with Nonconvexities and Money 2008Journal of Economic Theory 142, 294-317.Joint with Peter Rupert, Karl Shell and Randall Wright.


Money and Capital as Competing Media of Exchange 2008Journal of Economic Theory 142, 247-258. Joint with Ricardo Lagos.


State-Dependent Pricing, Inflation, and Welfare 2008European Economic Review 52, 441-468. Joint with Ben Craig. 


Inflation and Unemployment in General Equilibrium 2008Scandinavian Journal of Economics 109, 837-855. Joint with Peter Rupert and Randall Wright.


Inflation and Welfare: A search Approach 2008Journal of Money, Credit and Banking 40, 89-120. Joint with Ben Craig.

Bargaining and the Value of Money 2007Journal 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 2007American Economic Review 97 (Papers and proceedings), 198-202. Joint with Ricardo Lagos.


Hosios Meets Friedman: On Efficiency in Search Models of Money 2007Economic Journal 117, 174-195. Joint with Aleksander Berentsen and Shouyong Shi.


Inflation, Output, and Welfare 2005International Economic Review 46, 495-522. Joint with Ricardo Lagos.


Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium 2005Econometrica 73, 175-202. Joint with Randall Wright.


Money and Information 2004Review of Economic Studies, 71, 915-944. Joint with Aleksander Berentsen.


On the Friedman Rule in Search Models with Divisible Money 2003Contributions to Macroeconomics, 3, No. 1, Article 11. Joint with Aleksander Berentsen.


Money and the Gains from Trade 2003International Economic Review, 44, 263-297. Joint with Aleksander Berentsen.


On the Efficiency of Monetary Exchange: How Divisibility of Money Matters
2002Journal of Monetary Economics 49, 1621-1649. Joint with Aleksander Berentsen.


On the Launching of a New Currency 2002Journal of Money, Credit, and Banking, 34. Joint with Sebastien Lotz.


Working Time Regulation in a Search Economy with Worker Moral Hazard 2002Journal of Public Economics 84, 387-425.


Equilibrium Unemployment and Wage Formation with Matching Frictions and Worker Moral Hazard 2001Labour Economics 8, 75-102


Theorie de la Recherche, i.e. Search Theory2001, 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, 2001Revue 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, 2001Revue d'Economie Politique 111, 377-399. Joint with Aleksander Berentsen.


Search, Price Illusion and Welfare 2000Journal 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 Model2000Les Annales d'Economie et Statistique58, 101-142.


Can an Unemployment System Generate Multiple Natural Rates ? 1999International Tax and Public Finance 6, 379-387.


Balanced-Budget Rules and Indeterminacy of the Equilibrium Unemployment Rate 1999Oxford Economic Papers 51, 399-409.


Choix de Recrutement, Salaire et Chomage d'Equilibre, i.e. Recruitment Choices, Wages and Equilibrium Unemployment, 1999Revue 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)