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Search, money, and capital: a neoclassical dichotomy

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  • S. Boragan Aruoba
  • Randall Wright

Abstract

Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating into the search model some centralized markets as well as some decentralized markets where money is essential. This paper takes a further step toward this integration by introducing labor, capital, and neoclassical firms. The resulting framework nests a search-theoretic monetary model and a standard neoclassical growth model as special cases.

Suggested Citation

  • S. Boragan Aruoba & Randall Wright, 2003. "Search, money, and capital: a neoclassical dichotomy," Proceedings, Federal Reserve Bank of Cleveland, pages 1085-1117.
    • Handle: RePEc:fip:fedcpr:y:2003:p:1085-1117
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