publications

"Uno publica para dejar de corregir."

 Jorge Luis Borges 

Q-Monetary Transmission

 (with Priit Jeenas) 

Journal of Political Economy, 132(3) (March 2024): 971-1012

[paper]   [slides]   [online appendix]   [video]

The Limits of onetary Economics: On Money as a Constraint on Market Power 

 (with Shengxing Zhang) 

Econometrica, 90(3) (May 2022): 1177-1204

[paper]   [slides]   [online appendix]   [video in English]   [video en castellano]   [google scholar]

Turnover Liquidity and the Transmission of Monetary Policy 

 (with Shengxing Zhang) 

American Economic Review, 110(6) (June 2020): 1635-1672   

[paper]   [slides]   [data]   [online appendix]   [google scholar]

A Monetary Model of Bilateral Over-the-Counter Markets 

(with Shengxing Zhang) 

Review of Economic Dynamics, 33 (July 2019): 205-227   

[paper]   [google scholar]

Introduction to the Journal of Economic Theory Symposium on Money and Liquidity 

(with Nobu Kiyotaki and Randy Wright) 

Journal of Economic Theory, 164(3) (July 2016): 1-9 

[paper]   [google scholar]

The Over-the-Counter Theory of the Fed Funds Market: A Primer 

(with Gara Afonso)

 Journal of Money, Credit and Banking, supplement 47(2) (June 2015): 127-154 

[paper]   [slides]   [google scholar]

Trade Dynamics in the Market for Federal Funds 

(with Gara Afonso) 

Econometrica, 83(1) (January 2015): 263–313 

[paper]   [slides]   [google scholar]

Moneyspots and Coexistence in the Pure Theory of Money: A Reply to Neil Wallace 

Journal of Political Economy, 121(4) (August 2013): 796-801 

[paper]   [longer version]   [Neil Wallace's comment]   [google scholar]

Moneyspots 

Journal of Political Economy, 121(1) (February 2013): 127-185 

[paper]   [slides]   [google scholar]   

[Neil Wallace's comment]   [reply to Wallace: JPE version | longer version]   

Crises and Liquidity in Over-the-Counter Markets 

(with Guillaume Rocheteau and Pierre-Olivier Weill) 

Journal of Economic Theory, 146(6) (November 2011): 2169-2205 

[paper]   [slides]   [video]   [google scholar]   

Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy

Journal of Money, Credit, and Banking, 43(7) (October 2011): 521-552 

[paper]   [slides]   [google scholar]   

La Aritmética de las Retenciones Móviles

Ensayos de Política Económica, Nº 5, 2011

[paper]   [versión simple]   [versión intermedia]   [versión técnica]

Asset Prices and Liquidity in an Exchange Economy 

Journal of Monetary Economics, 57(8) (November 2010): 913-930 

[paper]   [slides]   [google scholar]   

Some Results on the Optimality and Implementation of the Friedman Rule in the Search Theory of Money

Journal of Economic Theory, 145(4) (July 2010): 1508-1524 

[paper]   [slides]   [video]   [google scholar]  

Asset Prices, Liquidity, and Monetary Policy in the Search Theory of Money

Federal Reserve Bank of St. Louis Review (July/August 2010)

Federal Reserve Bank of Minneapolis Quarterly Review (July 2010)   

[google scholar]

Liquidity in Asset Markets with Search Frictions

(with Guillaume Rocheteau)

Econometrica, 77(2) (March 2009): 403-426 

[paper]   [slides]   [google scholar]

The Research Agenda: Liquidity and the Search Theory of Money

Economic Dynamics Newsletter of the Society for Economic Dynamics (November 2008)   

[paper]   [google scholar]

Money and Capital as Competing Media of Exchange

(with Guillaume Rocheteau

Journal of Economic Theory, 142(1) (September 2008): 247-258   

[paper]   [slides]   [google scholar]

Inside and Outside Money

The New Palgrave Dictionary of Economics, Second Edition, 2008. Palgrave Macmillan 

[paper]   [google scholar]   

A Model of Job and Worker Flows

(with Nobu Kiyotaki)

Journal of Political Economy, 115(5) (October 2007): 770-819 

[paper]   [slides]   [google scholar]

Search in Asset Markets: Market Structure, Liquidity, and Welfare 

(with Guillaume Rocheteau)

American Economic Review (Papers & Proceedings), 97(2) (May 2007): 198-202 

[paper]   [google scholar]

A Model of TFP

Review of Economic Studies, 73(4) (October 2006): 983-1007 

[paper]   [slides]   [google scholar]

A Unified Framework for Monetary Theory and Policy Analysis

(with Randy Wright)

Journal of Political Economy, 113(5) (June 2005): 463-484 

[paper]   [slides]   [google scholar]

Inflation, Output, and Welfare

(with Guillaume Rocheteau) 

International Economic Review, 46(2) (May 2005): 495-522 

[paper]   [slides]   [Ed Prescott's comment]   [google scholar]

An On-the-Job Search Model of Crime, Inequality, and Unemployment

(with Ken Burdett and Randy Wright)

International Economic Review, 45(3) (August 2004): 681-706 

[paper]   [google scholar]

Crime, Inequality, and Unemployment

(with Ken Burdett and Randy Wright)

American Economic Review, 93(5) (December 2003): 1764-1777   

[paper]   [google scholar]

An Analysis of the Market for Taxicab Rides in New York City

International Economic Review, 44(2) (May 2003): 423-434 

[paper]   [google scholar] 

Dynamics, Cycles and Sunspot Equilibria in 'Genuinely Dynamic, Fundamentally Disaggregative' Models of Money 

(with Randy Wright)

Journal of Economic Theory, 109(2) (April 2003): 156-171 

[paper]   [google scholar]  

Unemployment and the Rental Rate of Capital 

Bulletin of Economic Research, 52(4) (October 2000): 297-322 

[paper]   [google scholar]   

An Alternative Approach to Search Frictions

Journal of Political Economy, 108(5) (October 2000): 851-873 

[paper]   [google scholar]