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Ricardo Lagos

Not to be confused with: Ricardo Lago

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Ricardo Lagos, 2000. "An Alternative Approach to Search Frictions," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 851-873, October.

    Mentioned in:

    1. Rethinking the labor matching function
      by Economic Logician in Economic Logic on 2009-03-13 20:14:00
  2. Ricardo Lagos & Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.

    Mentioned in:

    1. Search Frictions and Asset Price Volatility
      by Christian Zimmermann in NEP-DGE blog on 2010-01-18 11:02:28
    2. Optimal Monetary and Fiscal Policies In a Search-theoretic Model of Money and Unemployment
      by Christian Zimmermann in NEP-DGE blog on 2010-11-21 03:05:53
    3. A Monetary Theory with Non-degenerate Distributions
      by Christian Zimmermann in NEP-DGE blog on 2013-09-09 05:45:08
    4. Teachable Moment
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-12-02 06:19:00
    5. Secular Stagnation and Forgotten Monetary Economics
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-05-14 06:21:00
    6. Lagos-Wright with a New Keynesian Flavor!
      by paragwaknis in Musings of the Sorts on 2011-01-12 04:46:49
    7. Payment Systems in India
      by paragwaknis in Musings of the Sorts on 2012-08-06 02:20:51
    8. Why Hold Money?
      by Agent Continuum in Agent Continuum on 2009-11-19 16:00:09
  3. Lagos, Ricardo & Rocheteau, Guillaume, 2008. "Money and capital as competing media of exchange," Journal of Economic Theory, Elsevier, vol. 142(1), pages 247-258, September.

    Mentioned in:

    1. On Cows and Central Tenets of Capitalism!
      by paragwaknis in Musings of the Sorts on 2013-12-01 00:48:31
  4. Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis.

    Mentioned in:

    1. Search Frictions and Asset Price Volatility
      by Christian Zimmermann in NEP-DGE blog on 2010-01-18 11:02:28
    2. Optimal Monetary and Fiscal Policies In a Search-theoretic Model of Money and Unemployment
      by Christian Zimmermann in NEP-DGE blog on 2010-11-21 03:05:53
    3. A Monetary Theory with Non-degenerate Distributions
      by Christian Zimmermann in NEP-DGE blog on 2013-09-09 05:45:08
    4. Teachable Moment
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2013-12-02 06:19:00
    5. Secular Stagnation and Forgotten Monetary Economics
      by Stephen Williamson in Stephen Williamson: New Monetarist Economics on 2014-05-14 06:21:00
    6. Lagos-Wright with a New Keynesian Flavor!
      by paragwaknis in Musings of the Sorts on 2011-01-12 04:46:49
    7. Payment Systems in India
      by paragwaknis in Musings of the Sorts on 2012-08-06 02:20:51
    8. Why Hold Money?
      by Agent Continuum in Agent Continuum on 2009-11-19 16:00:09

Working papers

  1. Ricardo Lagos & Gaston Navarro, 2023. "Monetary Policy Operations: Theory, Evidence, and Tools for Quantitative Analysis," NBER Working Papers 31370, National Bureau of Economic Research, Inc.

    Cited by:

    1. Sriya Anbil & Sebastian Infante & Zeynep Senyuz, 2026. "A Tale of Demand and Supply for Central Bank Reserves," Finance and Economics Discussion Series 2026-028, Board of Governors of the Federal Reserve System (U.S.).
    2. Paolo Cavallino & Mathias Drehmann & Richard Finlay & Julie Remache, 2025. "Monetary policy operational frameworks - a new taxonomy," BIS Quarterly Review, Bank for International Settlements, September.
    3. Egemen Eren & Timothy Jackson & Giovanni Lombardo, 2024. "The macroprudential role of central bank balance sheets," Working Papers 202408, University of Liverpool, Department of Economics.
    4. Narayan Bulusu & Matthew McNeely & Kaetlynd McRae & Jonathan Witmer, 2023. "Estimating the Appropriate Quantity of Settlement Balances in a Floor System," Discussion Papers 2023-26, Bank of Canada.
    5. Egemen Eren & Timothy Jackson & Giovanni Lombardo, 2024. "The macroprudential role of central bank balance sheets," BIS Working Papers 1173, Bank for International Settlements.

  2. Priit Jeenas & Ricardo Lagos, 2022. "Q-Monetary Transmission," Working Papers 1348, Barcelona School of Economics.

    Cited by:

    1. Ali Rayeni & Hosein Naderi, 2025. "Predicting the Canadian Yield Curve Using Machine Learning Techniques," IJFS, MDPI, vol. 13(3), pages 1-30, September.
    2. Christian Eufinger & Andrej Gill & Florian Hett, 2024. "Domestic financial conditions and MNCs’ global competitiveness: evidence from the Swiss franc shock," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(8), pages 1057-1068, October.
    3. Ruslana Datsenko & Martin B Holm, 2026. "Monetary transmission to firm-level research and development," Bank of England Staff Working Paper series 1192, Bank of England.

  3. Ricardo Lagos & Shengxing Zhang, 2021. "The Limits of onetary Economics: On Money as a Latent Medium of Exchange," Discussion Papers 2104, Centre for Macroeconomics (CFM).

    Cited by:

    1. Janet Hua Jiang & Daniela Puzzello & Cathy Zhang, 2023. "Inflation, Output, and Welfare in the Laboratory," Staff Working Papers 23-11, Bank of Canada.
    2. Dirk Niepelt, 2020. "Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics," CESifo Working Paper Series 8712, CESifo.
    3. Dirk Niepelt, 2022. "Money and Banking with Reserves and CBDC," Diskussionsschriften dp2212, Universitaet Bern, Departement Volkswirtschaft.
    4. Jonathan Chiu & Mohammad Davoodalhosseini, 2021. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Staff Working Papers 21-63, Bank of Canada.

  4. Ricardo Lagos, 2020. "On Socializing and Social Distancing in Markets: Implications for Retail Prices, Store-level Consumer Density, and Disease Transmission," NBER Working Papers 27724, National Bureau of Economic Research, Inc.

    Cited by:

    1. Michael D. Noel, 2022. "Competitive survival in a devastated industry: Evidence from hotels during COVID‐19," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 31(1), pages 3-24, February.

  5. Lagos, Ricardo & Zhang, Shengxing, 2020. "Turnover liquidity and the transmission of monetary policy," LSE Research Online Documents on Economics 105095, London School of Economics and Political Science, LSE Library.

    Cited by:

    1. Matthias Fengler & Winfried Koeniger & Stephan Minger, 2024. "The Transmission of Monetary Policy to the Cost of Hedging," CESifo Working Paper Series 11556, CESifo.
    2. Wei Cui & Randall Wright & Yu Zhu, 2022. "Endogenous Liquidity and Capital Reallocation," Staff Working Papers 22-27, Bank of Canada.
    3. Geromichalos, Athanasios & Jung, Kuk Mo, 2024. "Heterogeneous asset valuation in OTC markets and optimal inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 161(C).
    4. Chen, Li & Dai, Sijia & Wang, Zhixuan, 2025. "The capital market effects of local government green special Bonds: An examination from the perspective of corporate stock liquidity," International Review of Economics & Finance, Elsevier, vol. 102(C).
    5. Chao Gu & Guido Menzio & Randall Wright & Yu Zhu, 2024. "Market Freezes," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(6), pages 1291-1320, September.
    6. Townsend, Robert M., 2025. "“Information frictions in macroeconomics: The legacy of Robert E. Lucas, Jr.”," Journal of Monetary Economics, Elsevier, vol. 155(S).
    7. Chen, Zhengyang, 2026. "Demystifying monetary policy surprises: Fed response to financial conditions and wait and see for new economic data," Journal of Macroeconomics, Elsevier, vol. 87(C).
    8. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    9. Gu, Chao & Monnet, Cyril & Nosal, Ed & Wright, Randall, 2023. "Diamond–Dybvig and beyond: On the instability of banking," European Economic Review, Elsevier, vol. 154(C).
    10. Pflueger, Carolin & Rinaldi, Gianluca, 2022. "Why does the Fed move markets so much? A model of monetary policy and time-varying risk aversion," Journal of Financial Economics, Elsevier, vol. 146(1), pages 71-89.
    11. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    12. Ricardo Lagos & Shengxing Zhang, 2018. "A Monetary Model of Bilateral Over-the-Counter Markets," NBER Working Papers 25239, National Bureau of Economic Research, Inc.
    13. Guillaume Rocheteau & Lucie Lebeau & Tai-Wei Hu & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," Working Papers 181904, University of California-Irvine, Department of Economics.
    14. Makoto WATANABE & Yu Awaya & kohei Iwasaki, 2024. "Money is the roof of asset bubbles," CIGS Working Paper Series 24-001E, The Canon Institute for Global Studies.
    15. Lee, Sukjoon, 2020. "Liquidity Premium, Credit Costs, and Optimal Monetary Policy," MPRA Paper 104825, University Library of Munich, Germany.
    16. Holden, Craig W. & Lu, Dong & Lugovskyy, Volodymyr & Puzzello, Daniela, 2021. "What is the impact of introducing a parallel OTC market? Theory and evidence from the chinese interbank FX market," Journal of Financial Economics, Elsevier, vol. 140(1), pages 270-291.
    17. Geromichalos, Athanasios & Jung, Kuk Mo & Lee, Seungduck & Carlos, Dillon, 2021. "A model of endogenous direct and indirect asset liquidity," European Economic Review, Elsevier, vol. 132(C).
    18. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    19. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).
    20. Nguyen, Phuc Minh & Jubb, Christine & Dias, Roshanthi, 2024. "Motives for environmental and social engagement and stock liquidity: The moderating role of sustainability committees," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    21. Guillaume Rocheteau & Tai-Wei Hu & Lucie Lebeau & Younghwan In, 2021. "Gradual Bargaining in Decentralized Asset Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 72-109, October.
    22. Ricardo Lagos & Shengxing Zhang, 2019. "On Money as a Medium of Exchange in Near-Cashless Credit Economies," NBER Working Papers 25803, National Bureau of Economic Research, Inc.
    23. Hu, Tai-Wei & Rocheteau, Guillaume, 2020. "Bargaining under liquidity constraints: Unified strategic foundations of the Nash and Kalai solutions," Journal of Economic Theory, Elsevier, vol. 189(C).
    24. Robert Snigaroff & David Wroblewski, 2023. "Consumption with earnings, liquidity, and market based models," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 501-530, February.
    25. Assa Cohen & Mahyar Kargar & Benjamin Lester & Pierre-Olivier Weill, 2024. "Inventory, Market Making, and Liquidity in OTC Markets," Working Papers 24-22, Federal Reserve Bank of Philadelphia.
    26. Mr. Fei Han & Dulani Seneviratne, 2018. "Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market," IMF Working Papers 2018/096, International Monetary Fund.
    27. Yohei Yamamoto & Naoko Hara, 2022. "Identifying factor‐augmented vector autoregression models via changes in shock variances," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(4), pages 722-745, June.
    28. Acharya, Viral V. & Pedersen, Lasse Heje, 2019. "Economics with Market Liquidity Risk," Critical Finance Review, now publishers, vol. 8(1-2), pages 111-125, December.
    29. Cheng, Hang & Guo, Hui & Shi, Yongdong, 2024. "Multifactor conditional equity premium model: Evidence from China's stock market," Journal of Banking & Finance, Elsevier, vol. 161(C).
    30. David M. Arseneau & David E. Rappoport & Alexandros Vardoulakis, 2017. "Private and Public Liquidity Provision in Over-the-Counter Markets," Finance and Economics Discussion Series 2017-033, Board of Governors of the Federal Reserve System (U.S.).
    31. Lucas Herrenbrueck & Xinhao Dong & Zijian Wang, 2026. "Urgency, Liquidity, and the Price of Convenience," Discussion Papers dp26-12, Department of Economics, Simon Fraser University.
    32. Marieh Azizirad, 2022. "Fisher vs Keynes: Does an Interest Rate Hike Cause Inflation to Increase or Decrease?," Discussion Papers dp22-08, Department of Economics, Simon Fraser University.
    33. Miruna-Daniela Ivan & Chiara Banti & Neil Kellard, 2025. "Liquidity, monetary policy and the commodity futures market," Bank of England Staff Working Paper series 1114, Bank of England.
    34. Paolo Varraso, 2025. "Banks’ Maturity Choices and the Transmission of Interest-Rate Risk," CEIS Research Paper 616, Tor Vergata University, CEIS, revised 11 Oct 2025.
    35. Duffy, John & Lebeau, Lucie & Puzzello, Daniela, 2025. "Bargaining under liquidity constraints: Experimental evidence," Journal of Economic Theory, Elsevier, vol. 228(C).

  6. Ricardo Lagos & Gaston Navarro, 2019. "Monetary Operating Procedures in the Fed Funds Market: Theory and Policy Analysis," 2019 Meeting Papers 1521, Society for Economic Dynamics.

    Cited by:

    1. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    2. Jonathan Witmer, 2025. "The Optimum Quantity of Central Bank Reserves," Staff Working Papers 25-15, Bank of Canada.

  7. Lagos, Ricardo & Zhang, Shengxing, 2019. "The Limits of onetary Economics: On Money as a Medium of Exchange in Near-Cashless Credit Economies," CEPR Discussion Papers 14057, Centre for Economic Policy Research.

    Cited by:

    1. Janet Hua Jiang & Daniela Puzzello & Cathy Zhang, 2023. "Inflation, Output, and Welfare in the Laboratory," Staff Working Papers 23-11, Bank of Canada.
    2. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).
    3. Jonathan Chiu & Mohammad Davoodalhosseini, 2021. "Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design," Staff Working Papers 21-63, Bank of Canada.
    4. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.

  8. Ricardo Lagos & Shengxing Zhang, 2019. "On Money as a Medium of Exchange in Near-Cashless Credit Economies," NBER Working Papers 25803, National Bureau of Economic Research, Inc.

    Cited by:

    1. Sofia Priazhkina & Samuel Palmer & Pablo Martín-Ramiro & Román Orús & Samuel Mugel & Vladimir Skavysh, 2024. "Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm," Staff Working Papers 24-17, Bank of Canada.
    2. Jeremy Srouji, 2020. "Digital Payments, the Cashless Economy, and Financial Inclusion in the United Arab Emirates: Why Is Everyone Still Transacting in Cash?," JRFM, MDPI, vol. 13(11), pages 1-10, October.
    3. Ricardo Lagos & Shengxing Zhang, 2018. "Turnover Liquidity and the Transmission of Monetary Policy," NBER Working Papers 25106, National Bureau of Economic Research, Inc.
    4. Goodhart, Charles A.E. & Tsomocos, Dimitrios P. & Wang, Xuan, 2023. "Bank credit, inflation, and default risks over an infinite horizon," LSE Research Online Documents on Economics 119771, London School of Economics and Political Science, LSE Library.
    5. Gabriel Chodorow-Reich & Gita Gopinath & Prachi Mishra & Abhinav Narayanan, 2020. "Cash and the Economy: Evidence from India’s Demonetization," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 135(1), pages 57-103.
    6. Toni Ahner & Katrin Assenmacher & Peter Hoffmann & Agnese Leonello & Cyril Monnet & Davide Porcellacchia, 2024. "The Economics of Central Bank Digital Currency," International Journal of Central Banking, International Journal of Central Banking, vol. 20(4), pages 221-274, October.
    7. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).
    8. Jiang, Janet Hua & Puzzello, Daniela & Zhang, Cathy, 2023. "Inflation, Output, and Welfare in the Laboratory," European Economic Review, Elsevier, vol. 152(C).
    9. Jeremy Samer Srouji, 2020. "Digital Payments, the Cashless Economy, and Financial Inclusion in the United Arab Emirates: Why Is Everyone Still Transacting in Cash?," Post-Print hal-03015357, HAL.
    10. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.

  9. Ricardo Lagos & Shengxing Zhang, 2018. "A Monetary Model of Bilateral Over-the-Counter Markets," NBER Working Papers 25239, National Bureau of Economic Research, Inc.

    Cited by:

    1. Geromichalos, Athanasios & Jung, Kuk Mo, 2024. "Heterogeneous asset valuation in OTC markets and optimal inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 161(C).
    2. Benjamin Lester & Pierre-Olivier Weill & Ariel Zetlin-Jones, 2019. "RED Special Issue on Fragmented Financial Markets: An Introduction," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 1-3, July.
    3. Makoto WATANABE & Yu Awaya & kohei Iwasaki, 2024. "Money is the roof of asset bubbles," CIGS Working Paper Series 24-001E, The Canon Institute for Global Studies.
    4. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    5. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    6. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    7. Lucas Herrenbrueck & Xinhao Dong & Zijian Wang, 2026. "Urgency, Liquidity, and the Price of Convenience," Discussion Papers dp26-12, Department of Economics, Simon Fraser University.
    8. Baughman, Garth & Rabinovich, Stanislav, 2021. "Capacity choice, monetary trade, and the cost of inflation," European Economic Review, Elsevier, vol. 134(C).

  10. Ricardo Lagos & Shengxing Zhang, 2015. "Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises," NBER Working Papers 21528, National Bureau of Economic Research, Inc.

    Cited by:

    1. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    2. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    3. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
    4. Guillaume Rocheteau & Pierre-Olivier Weill & Russell Wong, 2017. "A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity," Working Paper 17-6, Federal Reserve Bank of Richmond.
    5. Florian Madison, 2017. "Frictional asset reallocation under adverse selection," ECON - Working Papers 261, Department of Economics - University of Zurich, revised Jan 2018.
    6. Ricardo Lagos & Shengxing Zhang, 2020. "Turnover Liquidity and the Transmission of Monetary Policy," American Economic Review, American Economic Association, vol. 110(6), pages 1635-1672, June.
    7. Lagos, Ricardo & Zhang, Shengxing, 2019. "On Money As a Latent Medium of Exchange," CEPR Discussion Papers 14051, Centre for Economic Policy Research.
    8. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    9. Jung, Kuk Mo & Pyun, Ju Hyun, 2023. "A long-run approach to money, unemployment, and equity prices," Economic Modelling, Elsevier, vol. 125(C).
    10. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    11. Ricardo Lagos & Shengxing Zhang, 2018. "A Monetary Model of Bilateral Over-the-Counter Markets," NBER Working Papers 25239, National Bureau of Economic Research, Inc.
    12. Athanasios Geromichalos & Kuk Mo Jung, 2019. "Monetary policy and efficiency in over‐the‐counter financial trade," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(4), pages 1699-1754, November.
    13. Jung, Kuk Mo, 2018. "Uncertainty-induced dynamic inefficiency and the optimal inflation rate," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 486-506.
    14. Zhang, Shengxing, 2018. "Liquidity misallocation in an over-the-counter market," LSE Research Online Documents on Economics 86800, London School of Economics and Political Science, LSE Library.
    15. Herrenbrueck, Lucas & Geromichalos, Athanasios, 2017. "A tractable model of indirect asset liquidity," Journal of Economic Theory, Elsevier, vol. 168(C), pages 252-260.
    16. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    17. Geromichalos, Athanasios & Jung, Kuk Mo & Lee, Seungduck & Carlos, Dillon, 2021. "A model of endogenous direct and indirect asset liquidity," European Economic Review, Elsevier, vol. 132(C).
    18. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "The Strategic Determination of the Supply of Liquid Assets," Working Papers 183, University of California, Davis, Department of Economics.
    19. Samuel Huber & Jaehong Kim, 2015. "The role of trading frictions in financial markets," ECON - Working Papers 211, Department of Economics - University of Zurich, revised Jul 2017.
    20. Berentsen, Aleksander & Madison, Florian, 2018. "Comments on “Frictional capital reallocation I: Ex ante heterogeneity” by R. Wright, S.X. Xiao, and Y. Zhu," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 117-119.
    21. Ricardo Lagos & Shengxing Zhang, 2020. "The Limits of onetary Economics: On Money as a Latent Medium of Exchange," NBER Working Papers 26756, National Bureau of Economic Research, Inc.
    22. Ricardo Lagos & Shengxing Zhang, 2019. "On Money as a Medium of Exchange in Near-Cashless Credit Economies," NBER Working Papers 25803, National Bureau of Economic Research, Inc.
    23. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    24. Pavan, Alessandro & Vives, Xavier, 2015. "Information, Coordination, and Market Frictions: An Introduction," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 407-426.
    25. Ji Shen & Bin Wei & Hongjun Yan, 2018. "Financial Intermediation Chains in an OTC Market," FRB Atlanta Working Paper 2018-15, Federal Reserve Bank of Atlanta.
    26. Priit Jeenas & Ricardo Lagos, 2022. "Q-Monetary Transmission," Working Papers 1348, Barcelona School of Economics.
    27. Ji Shen & Bin Wei & Hongjun Yan, 2021. "Financial Intermediation Chains in an Over-the-Counter Market," Management Science, INFORMS, vol. 67(7), pages 4623-4642, July.
    28. Lagos, Ricardo & Zhang, Shengxing, 2019. "The Limits of onetary Economics: On Money as a Medium of Exchange in Near-Cashless Credit Economies," CEPR Discussion Papers 14057, Centre for Economic Policy Research.
    29. Athanasios Geromichalos & Kuk Mo Jung & Seungduck Lee & Dillon Carlos, 2019. "Asset Liquidity in Monetary Theory and Finance: A Unified Approach," Working Papers 330, University of California, Davis, Department of Economics.

  11. Gara Afonso & Ricardo Lagos, 2014. "The Over-the-Counter Theory of the Fed Funds Market: A Primer," Working Papers 711, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Krug, Sebastian & Wohltmann, Hans-Werner, 2016. "Shadow banking, financial regulation and animal spirits: An ACE approach," Economics Working Papers 2016-08, Christian-Albrechts-University of Kiel, Department of Economics.
    2. Quentin Vandeweyer, 2019. "Essays in macroeconomics and monetary theory on the consequences of financial crises [Essais de théorie macroéconomique et monétaire sur les conséquences des crises financières]," Sciences Po Economics Publications (main) tel-03696685, HAL.
    3. Bianchi, Javier & Bigio, Saki, 2026. "Portfolio choice and settlement frictions: A theory of endogenous convenience yields," Journal of Economic Theory, Elsevier, vol. 234(C).
    4. Douglas D. Davis & Oleg Korenok & John P. Lightle, 2019. "An experimental examination of interbank markets," Experimental Economics, Springer;Economic Science Association, vol. 22(4), pages 954-979, December.
    5. Krug, Sebastian, 2017. "The interaction between monetary and macroprudential policy: Should central banks "lean against the wind" to foster macro-financial stability?," Economics Discussion Papers 2017-85, Kiel Institute for the World Economy.
    6. Krug, Sebastian, 2018. "The interaction between monetary and macroprudential policy: Should central banks 'lean against the wind' to foster macro-financial stability?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, vol. 12, pages 1-69.
    7. Fecht, Falko & Reitz, Stefan & Weber, Patrick, 2015. "On the role of market makers for money market liquidity and tensions," Kiel Working Papers 2013, Kiel Institute for the World Economy.
    8. Fecht, Falko & Reitz, Stefan & Weber, Patrick, 2024. "A dealer’s funding liquidity risk and its money market trades in the 2007/08 crisis," Journal of Financial Stability, Elsevier, vol. 75(C).
    9. Bech, Morten & Monnet, Cyril, 2016. "A search-based model of the interbank money market and monetary policy implementation," Journal of Economic Theory, Elsevier, vol. 164(C), pages 32-67.

  12. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," Working Papers 710, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Hugonnier, Julien & Lester, Benjamin & Weill, Pierre-Olivier, 2020. "Heterogeneity in Decentralized Asset Markets," CEPR Discussion Papers 14274, Centre for Economic Policy Research.
    2. Green, Christopher & Bai, Ye & Murinde, Victor & Ngoka, Kethi & Maana, Isaya & Tiriongo, Samuel, 2016. "Overnight interbank markets and the determination of the interbank rate: A selective survey," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 149-161.
    3. Taneli Mäkinen & Francesco Palazzo, 2017. "The double bind of asymmetric information in over-the-counter markets," Temi di discussione (Economic working papers) 1128, Bank of Italy, Economic Research and International Relations Area.
    4. Thaler, Dominik, 2018. "A Large Central Bank Balance Sheet? The Role of Interbank Market Frictions," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181632, Verein für Socialpolitik / German Economic Association.
    5. van de Leur, Michiel C.W. & Lucas, André & Seeger, Norman J., 2017. "Network, market, and book-based systemic risk rankings," Journal of Banking & Finance, Elsevier, vol. 78(C), pages 84-90.
    6. Stephen Williamson, 2016. "Interest on Reserves, Interbank Lending, and Monetary Policy," 2016 Meeting Papers 428, Society for Economic Dynamics.
    7. Garth Baughman & Francesca Carapella, 2020. "Voluntary Reserve Targets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 583-612, March.
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    156. Michael Boutros & Jonathan Witmer, 2020. "Monetary Policy Implementation in a Negative Rate Environment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 441-470, March.
    157. Gara Afonso & Ricardo Lagos, 2012. "An empirical study of trade dynamics in the interbank market," Staff Reports 550, Federal Reserve Bank of New York.
    158. Gabriel Montes Rojas, 2019. "Subgraph Network Random Effects Error Components Models: Specification and Testing," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2019-44, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    159. Ji Shen & Bin Wei & Hongjun Yan, 2018. "Financial Intermediation Chains in an OTC Market," FRB Atlanta Working Paper 2018-15, Federal Reserve Bank of Atlanta.
    160. van der Leij, M. & in 't Veld, D. & Hommes, C.H., 2016. "The formation of a core periphery structure in heterogeneous financial networks," CeNDEF Working Papers 16-07, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    161. Kyungmin Kim, 2017. "A Price-Differentiation Model of the Interbank Market and Its Application to a Financial Crisis," Finance and Economics Discussion Series 2017-065, Board of Governors of the Federal Reserve System (U.S.).
    162. Ippei Fujiwara, 2013. "Discussion of The Impact of Unconventional Monetary Policy on the Overnight Interbank Market," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.),Liquidity and Funding Markets, Reserve Bank of Australia.
    163. David M. Arseneau & David E. Rappoport & Alexandros Vardoulakis, 2017. "Private and Public Liquidity Provision in Over-the-Counter Markets," Finance and Economics Discussion Series 2017-033, Board of Governors of the Federal Reserve System (U.S.).
    164. Gara Afonso & Roc Armenter & Benjamin Lester, 2019. "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 177-204, July.
    165. Roc Armenter & Benjamin Lester, 2015. "Excess reserves and monetary policy normalization," Working Papers 15-35, Federal Reserve Bank of Philadelphia.
    166. Gabor Pinter & Semih Uslu, 2023. "Price formation in markets with trading delays," Bank of England Staff Working Paper series 1023, Bank of England.
    167. Diemo Dietrich & Achim Hauck, 2020. "Interbank borrowing and lending between financially constrained banks," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(2), pages 347-385, September.
    168. Monika Bucher & Achim Hauck & Ulrike Neyer, 2020. "Interbank market friction-induced holdings of precautionary liquidity: implications for bank loan supply and monetary policy implementation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 70(1), pages 165-222, July.
    169. Ed Nosal & Yuet-Yee Wong & Randall Wright, 2019. "Intermediation in Markets for Goods and Markets for Assets," FRB Atlanta Working Paper 2019-5, Federal Reserve Bank of Atlanta.
    170. Davis, Douglas D. & Korenok, Oleg & Lightle, John P. & Prescott, Edward S., 2020. "Liquidity requirements and the interbank loan market: An experimental investigation," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 113-126.
    171. Schaffer, Matthew & Segev, Nimrod, 2025. "Quantitative easing, bank lending, and aggregate fluctuations," Journal of Financial Stability, Elsevier, vol. 81(C).
    172. Marie Hoerova & Harald Uhlig & Fiorella De Fiore, 2017. "The Macroeconomic Impact of Money Market Freezes," 2017 Meeting Papers 1092, Society for Economic Dynamics.
    173. Ji Shen & Bin Wei & Hongjun Yan, 2021. "Financial Intermediation Chains in an Over-the-Counter Market," Management Science, INFORMS, vol. 67(7), pages 4623-4642, July.
    174. Goldstein, Michael A. & Hotchkiss, Edith S., 2020. "Providing liquidity in an illiquid market: Dealer behavior in US corporate bonds," Journal of Financial Economics, Elsevier, vol. 135(1), pages 16-40.
    175. Miklos Vari, 2020. "Monetary Policy Transmission with Interbank Market Fragmentation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 409-440, March.
    176. Andrea Galeotti & Christian Ghiglinoy & Sanjeev Goyal, 2016. "Financial Linkages, Portfolio Choice and Systemic Risk," Cambridge Working Papers in Economics 1612, Faculty of Economics, University of Cambridge.
    177. Anufriev, Mikhail & Deghi, Andrea & Panchenko, Valentyn & Pin, Paolo, 2026. "A model of network formation for the overnight interbank market: When is core-periphery an illusion?," Journal of Economic Theory, Elsevier, vol. 231(C).
    178. Anna Kovner & David R. Skeie, 2013. "Evaluating the quality of fed funds lending estimates produced from Fedwire payments data," Staff Reports 629, Federal Reserve Bank of New York.
    179. Lagos, Ricardo & Zhang, Shengxing, 2019. "The Limits of onetary Economics: On Money as a Medium of Exchange in Near-Cashless Credit Economies," CEPR Discussion Papers 14057, Centre for Economic Policy Research.
    180. Bulusu, Narayan, 2024. "Disentangling the supply and announcement effects of open market operations," Journal of Financial Markets, Elsevier, vol. 67(C).
    181. Gara Afonso & Ricardo Lagos, 2014. "An Empirical Study of Trade Dynamics in the Fed Funds Market," Working Papers 708, Federal Reserve Bank of Minneapolis.
    182. Vayanos, Dimitri & Wang, Jiang, 2013. "Market Liquidity—Theory and Empirical Evidence ," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1289-1361, Elsevier.
    183. Galo Nuno & Benjamin Moll, 2018. "Social Optima in Economies with Heterogeneous Agents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 150-180, April.
    184. Marzena Rostek & Ji Hee Yoon, 2021. "Exchange Design and Efficiency," Econometrica, Econometric Society, vol. 89(6), pages 2887-2928, November.
    185. Fecht, Falko & Reitz, Stefan, 2018. "Dealer behaviour in the Euro money market during times of crisis," Open Access Publications from Kiel Institute for the World Economy 184750, Kiel Institute for the World Economy.
    186. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 65105, London School of Economics and Political Science, LSE Library.
    187. Vollmer, Uwe & Wiese, Harald, 2016. "Central bank standing facilities, counterparty risk, and OTC-interbank lending," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 101-122.
    188. Homburg, Stefan, 2017. "A Study in Monetary Macroeconomics," OUP Catalogue, Oxford University Press, number 9780198807537.
    189. Jean-Edouard Colliard & Gabrielle Demange, 2021. "Asset Dissemination Through Dealer Markets," Management Science, INFORMS, vol. 67(10), pages 6211-6234, October.
    190. Adrien d’Avernas & Baiyang Han & Quentin Vandeweyer, 2025. "Intraday Liquidity and Money Market Dislocations," Management Science, INFORMS, vol. 71(12), pages 10740-10752, December.
    191. Popoyan, Lilit & Napoletano, Mauro & Roventini, Andrea, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
    192. Semyon Malamud & Marzena Rostek, 2017. "Decentralized Exchange," American Economic Review, American Economic Association, vol. 107(11), pages 3320-3362, November.
    193. Jonathan Witmer, 2020. "Monetary Policy Independence and the Strength of the Global Financial Cycle," Staff Working Papers 20-26, Bank of Canada.
    194. Pala, Melissa, 2024. "COVID-19 and the fragmentation of the European interbank market," Discussion Papers 07/2024, Deutsche Bundesbank.
    195. Banegas, Ayelen & Tase, Manjola, 2020. "Reserve balances, the federal funds market and arbitrage in the new regulatory framework," Journal of Banking & Finance, Elsevier, vol. 118(C).
    196. Farboodi, Maryam, 2017. "Comment on network reactions to banking regulations by Selman Erol and Guillermo Ordonez," Journal of Monetary Economics, Elsevier, vol. 89(C), pages 68-70.
    197. Roc Armenter & Benjamin Lester, 2017. "Excess Reserves and Monetary Policy Implementation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 212-235, January.
    198. Mäkinen, Taneli & Palazzo, Francesco, 2024. "Adverse selection and search congestion in over-the-counter markets," Journal of Monetary Economics, Elsevier, vol. 146(C).
    199. Jason Allen & James Chapman & Federico Echenique & Matthew Shum, 2012. "Efficiency and Bargaining Power in the Interbank Loan Market," Staff Working Papers 12-29, Bank of Canada.
    200. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    201. Abad, Jorge & Nuño, Galo & Thomas, Carlos, 2025. "CBDC and the operational framework of monetary policy," Journal of Monetary Economics, Elsevier, vol. 151(C).

  13. Gara Afonso & Ricardo Lagos, 2014. "An Empirical Study of Trade Dynamics in the Fed Funds Market," Working Papers 708, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Pierre-Olivier Weill & Benjamin Lester & Julien Hugonnier, 2016. "Heterogeneity in decentralized asset markets," 2016 Meeting Papers 1014, Society for Economic Dynamics.
    2. Ricardo Lagos & Shengxing Zhang, 2020. "Turnover Liquidity and the Transmission of Monetary Policy," American Economic Review, American Economic Association, vol. 110(6), pages 1635-1672, June.
    3. Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management and Monetary Policy," Working Papers 18, Peruvian Economic Association.
    4. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 86275, London School of Economics and Political Science, LSE Library.
    5. Gaetano Antinolfi & Francesca Carapella & Francesco Carli, 2018. "Transparency and Collateral : Central versus Bilateral Clearing," Finance and Economics Discussion Series 2018-017, Board of Governors of the Federal Reserve System (U.S.).
    6. Miroslav Gabrovski & Ioannis Kospentaris, 2020. "Intermediation in Over-the-Counter Markets with Price Transparency," Working Papers 202017, University of Hawaii at Manoa, Department of Economics.
    7. Uslu, Semih, 2015. "Pricing and Liquidity in Decentralized Asset Markets," MPRA Paper 73901, University Library of Munich, Germany, revised 21 Sep 2016.
    8. Olivier Armantier & Adam Copeland, 2012. "Assessing the quality of “Furfine-based” algorithms," Staff Reports 575, Federal Reserve Bank of New York.
    9. Gofman, Michael, 2017. "Efficiency and stability of a financial architecture with too-interconnected-to-fail institutions," Journal of Financial Economics, Elsevier, vol. 124(1), pages 113-146.
    10. Ji Shen & Bin Wei & Hongjun Yan, 2018. "Financial Intermediation Chains in an OTC Market," FRB Atlanta Working Paper 2018-15, Federal Reserve Bank of Atlanta.
    11. Grace Xun Gong & Randall Wright, 2024. "Middlemen In Search Equilibrium With Intensive And Extensive Margins," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(4), pages 1657-1679, November.
    12. Jochen Güntner, 2013. "The federal funds market, excess reserves, and unconventional monetary policy," Economics working papers 2013-12, Department of Economics, Johannes Kepler University Linz, Austria.
    13. Francesco Carli & Francesca Carapella & Gaetano Antinolfi, 2014. "Clearing, transparency, and collateral," 2014 Meeting Papers 1090, Society for Economic Dynamics.

  14. Shengxing Zhang & Ricardo Lagos, 2013. "A Model of Monetary Exchange in Over-the-Counter Markets," 2013 Meeting Papers 1242, Society for Economic Dynamics.

    Cited by:

    1. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    2. Trejos, Alberto & Wright, Randall, 2016. "Search-based models of money and finance: An integrated approach," Journal of Economic Theory, Elsevier, vol. 164(C), pages 10-31.
    3. Seungduck Lee & Kuk Mo Jung, 2020. "A Liquidity‐Based Resolution of the Uncovered Interest Parity Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(6), pages 1397-1433, September.
    4. Boyan Jovanovic & Viktor Tsyrennikov, 2014. "Trading on Sunspots," NBER Working Papers 20813, National Bureau of Economic Research, Inc.
    5. Fabrizio Mattesini & Ed Nosal, 2011. "Cash-in-the-Market Pricing in a Model with Money and Over-the-Counter Financial Markets," Working Paper Series WP-2013-24, Federal Reserve Bank of Chicago.
    6. Mattesini, Fabrizio & Nosal, Ed, 2016. "Liquidity and asset prices in a monetary model with OTC asset markets," Journal of Economic Theory, Elsevier, vol. 164(C), pages 187-217.
    7. Tai‐Wei Hu & Guillaume Rocheteau, 2015. "Monetary Policy and Asset Prices: A Mechanism Design Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 39-76, June.

  15. Gara Afonso & Ricardo Lagos, 2012. "An empirical study of trade dynamics in the interbank market," Staff Reports 550, Federal Reserve Bank of New York.

    Cited by:

    1. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 86275, London School of Economics and Political Science, LSE Library.
    2. Julien Hugonnier & Benjamin Lester & Pierre-Olivier Weill, 2015. "Heterogeneity in decentralized asset markets," Working Papers 15-22, Federal Reserve Bank of Philadelphia.
    3. Hommes, C.H. & in 't Veld, D. & van der Leij, M., 2014. "The formation of a core periphery structure in heterogeneous financial networks," CeNDEF Working Papers 14-04, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    4. Güntner, Jochen H.F., 2015. "The federal funds market, excess reserves, and unconventional monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 225-250.
    5. Gofman, Michael, 2017. "Efficiency and stability of a financial architecture with too-interconnected-to-fail institutions," Journal of Financial Economics, Elsevier, vol. 124(1), pages 113-146.
    6. André Kurmann & Stanislav Rabinovich, 2016. "Dynamic Inefficiency in Decentralized Capital Markets," School of Economics Working Paper Series 2016-1, LeBow College of Business, Drexel University.
    7. Shengxing Zhang & Briana Chang, 2015. "Endogenous Market-making and Formation of Trading Links," 2015 Meeting Papers 1227, Society for Economic Dynamics.
    8. Kobayashi, Teruyoshi & Takaguchi, Taro, 2018. "Identifying relationship lending in the interbank market: A network approach," Journal of Banking & Finance, Elsevier, vol. 97(C), pages 20-36.
    9. Shen, Ji & Wei, Bin & Yan, Hongjun, 2016. "Financial Intermediation Chains in an OTC Market," MPRA Paper 74925, University Library of Munich, Germany.

  16. Ricardo Lagos, 2009. "Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy," 2009 Meeting Papers 390, Society for Economic Dynamics.

    Cited by:

    1. William A. Branch & Nicolas Petrosky-Nadeau & Guillaume Rocheteau, 2014. "Financial Frictions, the Housing Market, and Unemployment," Working Paper Series 2014-26, Federal Reserve Bank of San Francisco.
    2. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    3. Florian Madison, 2017. "Frictional asset reallocation under adverse selection," ECON - Working Papers 261, Department of Economics - University of Zurich, revised Jan 2018.
    4. Han, Han & Julien, Benoît & Petursdottir, Asgerdur & Wang, Liang, 2019. "Asset liquidity and indivisibility," European Economic Review, Elsevier, vol. 119(C), pages 236-250.
    5. Ricardo Lagos & Shengxing Zhang, 2020. "Turnover Liquidity and the Transmission of Monetary Policy," American Economic Review, American Economic Association, vol. 110(6), pages 1635-1672, June.
    6. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    7. Maya Eden & Benjamin S. Kay, 2019. "Safe Assets as Commodity Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(6), pages 1651-1689, September.
    8. Gara Afonso & Ricardo Lagos, 2014. "The Over-the-Counter Theory of the Fed Funds Market: A Primer," Working Papers 711, Federal Reserve Bank of Minneapolis.
    9. van Buggenum, Hugo & Uras, Burak, 2019. "Money, Asset Markets and Efficiency of Capital Formation," Discussion Paper 2019-002, Tilburg University, Center for Economic Research.
    10. Geromichalos, Athanasios & Wang, Yijing, 2024. "Money and Competing Means of Payment," MPRA Paper 121388, University Library of Munich, Germany.
    11. Ricardo Lagos, 2010. "Asset prices, liquidity, and monetary policy in the search theory of money," Quarterly Review, Federal Reserve Bank of Minneapolis, issue July, pages 14-20.
    12. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
    13. Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2017. "A Model of Collateral," Tinbergen Institute Discussion Papers 17-098/VII, Tinbergen Institute.
    14. Charles M. Kahn & David Marshall & Robert L. Mcdonald, 2026. "Liquidity Crises and the Market‐Maker of Last Resort," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(5), pages 1327-1357, August.
    15. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    16. Yu Awaya & Jihwan Do & Makoto Watanabe, 2025. "Bubbles and Collateral," CESifo Working Paper Series 11894, CESifo.
    17. Geromichalos, Athanasios & Simonovska, Ina, 2014. "Asset liquidity and international portfolio choice," Journal of Economic Theory, Elsevier, vol. 151(C), pages 342-380.
    18. Jung, Kuk Mo & Pyun, Ju Hyun, 2015. "International Reserves for Emerging Economies: A Liquidity Approach," MPRA Paper 64235, University Library of Munich, Germany.
    19. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    20. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    21. Cristian Frasser & Lucie Lebeau, 2023. "Complementary Currencies and Liquidity: The Case of Coca-Base Money," Working Papers 2307, Federal Reserve Bank of Dallas.
    22. Kim, Young Sik & Lee, Manjong, 2012. "Intermediary cost and coexistence puzzle," Economics Letters, Elsevier, vol. 117(1), pages 142-145.
    23. Ricardo Lagos & Shengxing Zhang, 2018. "A Monetary Model of Bilateral Over-the-Counter Markets," NBER Working Papers 25239, National Bureau of Economic Research, Inc.
    24. Gabrovski, Miroslav & Geromichalos, Athanasios & Herrenbrueck, Lucas & Kospentaris, Ioannis & Lee, Sukjoon, 2025. "The real effects of financial disruptions in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    25. Michele Loberto, 2019. "Safety traps, liquidity and information-sensitive assets," Temi di discussione (Economic working papers) 1216, Bank of Italy, Economic Research and International Relations Area.
    26. Rabinovich Stanislav, 2017. "Revisiting Multiplicity of Bubble Equilibria in a Search Model with Posted Prices," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 17(1), pages 1-15, January.
    27. Benigno, Pierpaolo & Robatto, Roberto, 2016. "Private Money Creation and Equilibrium Liquidity," CEPR Discussion Papers 11242, Centre for Economic Policy Research.
    28. Athanasios Geromichalos & Jiwon Lee & Seungduck Lee & Keita Oikawa, 2016. "Over-the-counter trade and the value of assets as collateral," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(3), pages 443-475, August.
    29. Lee, Sukjoon, 2020. "Liquidity Premium, Credit Costs, and Optimal Monetary Policy," MPRA Paper 104825, University Library of Munich, Germany.
    30. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "Monetary Policy, Asset Prices, and Liquidity in Over‐the‐Counter Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(1), pages 35-79, February.
    31. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    32. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "The Strategic Determination of the Supply of Liquid Assets," Working Papers 183, University of California, Davis, Department of Economics.
    33. Samuel Huber & Jaehong Kim, 2015. "The role of trading frictions in financial markets," ECON - Working Papers 211, Department of Economics - University of Zurich, revised Jul 2017.
    34. Jung, Kuk Mo & Lee, Seungduck, 2015. "A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle," MPRA Paper 64164, University Library of Munich, Germany.
    35. Athanasios Geromichalos & Juan M. Licari & Jose Suarez-Lledo, 2019. "Illiquid Financial Markets and Monetary Policy," Papers 1909.01889, arXiv.org.
    36. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    37. Hanno Lustig, 2013. "A European History Lesson for Today’s Central Bankers," International Journal of Central Banking, International Journal of Central Banking, vol. 9(1), pages 109-120, March.
    38. Miroslav Gabrovski & Athanasios Geromichalos & Lucas Herrenbrueck & Ioannis Kospentaris & Sukjoon Lee, 2025. "How does asset market liquidity affect the real economy? A quantitative assessment of the transmission channels," Working Papers 202501, University of Hawaii at Manoa, Department of Economics.
    39. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
    40. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," NBER Working Papers 20419, National Bureau of Economic Research, Inc.
    41. Roberto Robatto & Pierpaolo Benigno, 2016. "Private Money and Equilibrium Liquidity," 2016 Meeting Papers 690, Society for Economic Dynamics.
    42. Sangyup Choi & Inkee Jang & Kee-Youn Kang & Hyunpyung Kim, 2026. "Haircut, Interest Rate, and Collateral Quality in the Tri-Party Repo Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 61, August.
    43. Ricardo Lagos & Shengxing Zhang, 2015. "Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises," NBER Working Papers 21528, National Bureau of Economic Research, Inc.
    44. Jacquet, Nicolas L. & Tan, Serene, 2012. "Money and asset prices with uninsurable risks," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 784-797.
    45. Lagos, Ricardo, 2010. "Asset prices and liquidity in an exchange economy," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 913-930, November.
    46. Han Han & Benoit Julien & Asgerdur Petursdottir & Liang Wang, 2017. "Asset Pricing Equilibria with Indivisible Goods," Working Papers 201705, University of Hawaii at Manoa, Department of Economics.
    47. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    48. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2021. "The assets’ pledgeability channel of unconventional monetary policy," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1547-1568, October.
    49. Tan Wang, 2011. "Discussion of “Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 553-558, October.
    50. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    51. Hirota, Shinichi, 2023. "Money supply, opinion dispersion, and stock prices," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 1286-1310.
    52. Leo Ferraris & Fabrizio Mattesini, 2020. "Money and Collateral," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1617-1644, October.
    53. Li, Ying-Syuan & Li, Yiting, 2013. "Liquidity and asset prices: A new monetarist approach," Journal of Monetary Economics, Elsevier, vol. 60(4), pages 426-438.
    54. Seungduck Lee, 2020. "Money, Asset Prices, and the Liquidity Premium," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(6), pages 1435-1466, September.
    55. Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2021. "A Model Of Collateral: Endogenizing The Borrowing Constraint," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(3), pages 1131-1151, August.
    56. Tai‐Wei Hu & Guillaume Rocheteau, 2015. "Monetary Policy and Asset Prices: A Mechanism Design Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 39-76, June.

  17. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2009. "Crises and Liquidity in Over-the-Counter Markets," NBER Working Papers 15414, National Bureau of Economic Research, Inc.

    Cited by:

    1. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    2. Nicholas Trachter & Bruno Sultanum & Zachary Bethune, 2017. "(In)efficiency and Intervention in Over-The-Counter Markets," 2017 Meeting Papers 1450, Society for Economic Dynamics.
    3. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    4. Chung-Yi Tse & Yujing Xu, 2021. "Inter-Dealer Trades in OTC Markets - Who Buys and Who Sells?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 220-257, January.
    5. Evan Dudley & Hongfei Sun & Chengjie Diao, 2026. "Search and Inventory in Over‐the‐Counter Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(2), pages 697-728, May.
    6. Aldasoro, Iñaki & Ehlers, Torsten & Eren, Egemen, 2022. "Global banks, dollar funding, and regulation," Journal of International Economics, Elsevier, vol. 137(C).
    7. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "Asset Issuance in Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 4-29, July.
    8. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    9. Joseph, Andreas & Vasios, Michalis, 2022. "OTC Microstructure in a period of stress: A Multi-layered network approach," Journal of Banking & Finance, Elsevier, vol. 138(C).
    10. Pierre-Olivier Weill & Benjamin Lester & Julien Hugonnier, 2016. "Heterogeneity in decentralized asset markets," 2016 Meeting Papers 1014, Society for Economic Dynamics.
    11. Nathan Foley-Fisher & Stefan Gissler & Stephane Verani, 2019. "Over-the-Counter Market Liquidity and Securities Lending," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 272-294, July.
    12. Bruno Sultanum, 2014. "Financial fragility and over-the-counter markets," 2014 Papers psu420, Job Market Papers.
    13. Iraklis Kollias & John Leventides & Vassilios G. Papavassiliou, 2022. "On the solution of games with arbitrary payoffs: An application to an over-the-counter financial market," Working Papers 202302, Geary Institute, University College Dublin.
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    17. Patrick Bolton & Tano Santos & Jose A. Scheinkman, 2011. "Cream Skimming in Financial Markets," NBER Working Papers 16804, National Bureau of Economic Research, Inc.
    18. Shengxing Zhang & Ricardo Lagos, 2016. "Turnover Liquidity and the Transmission of Monetary Policy," 2016 Meeting Papers 1569, Society for Economic Dynamics.
    19. Maria Näther, 2019. "The effect of the central bank’s standing facilities on interbank lending and bank liquidity holding," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(3), pages 537-577, October.
    20. Ding, Shuze & Lu, Dong & Puzzello, Daniela, 2025. "The impact of search frictions in experimental asset markets: Over-the-counter versus double auction," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
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    33. Soeren Radde & Wei Cui, 2013. "Search-Based Endogenous Illiquidity, Business Cycles and Monetary Policy," 2013 Meeting Papers 1009, Society for Economic Dynamics.
    34. Hugonnier, Julien & Lester, Benjamin & Weill, Pierre-Olivier, 2018. "Frictional intermediation in over-the-counter markets," CEPR Discussion Papers 13126, Centre for Economic Policy Research.
    35. David Andolfatto, 2018. "Reconciling Orthodox and Heterodox Views on Money and Banking," Working Papers 2018-27, Federal Reserve Bank of St. Louis.
    36. Kurmann, André & Rabinovich, Stanislav, 2018. "Dynamic inefficiency in decentralized capital markets," Journal of Economic Theory, Elsevier, vol. 173(C), pages 231-256.
    37. Zhixiong Zeng & Yi Jin, 2023. "Managing Liquidity," Management Science, INFORMS, vol. 69(9), pages 5578-5595, September.
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    39. Yi Li & Maureen O’Hara & Xing (Alex) Zhou, 2024. "Mutual Fund Fragility, Dealer Liquidity Provision, and the Pricing of Municipal Bonds," Management Science, INFORMS, vol. 70(7), pages 4802-4823, July.
    40. Athanasios Geromichalos & Jiwon Lee & Seungduck Lee & Keita Oikawa, 2016. "Over-the-counter trade and the value of assets as collateral," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(3), pages 443-475, August.
    41. Jonathan Chiu & Jens Eisenschmidt & Cyril Monnet, 2020. "Relationships in the Interbank Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 170-191, January.
    42. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "Monetary Policy, Asset Prices, and Liquidity in Over‐the‐Counter Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(1), pages 35-79, February.
    43. Changhyun Lee, 2024. "The outside option channel of central bank asset purchase programs: A tale of two crises," Working Papers 363, University of California, Davis, Department of Economics.
    44. Tai-Wei Hu & Guillaume Rocheteau & Lucie Lebeau & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," 2018 Meeting Papers 606, Society for Economic Dynamics.
    45. Ederington, Louis & Guan, Wei & Yadav, Pradeep K., 2015. "Dealer spreads in the corporate bond market: Agent vs. market-making roles," CFR Working Papers 15-11, University of Cologne, Centre for Financial Research (CFR).
    46. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).
    47. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "The Strategic Determination of the Supply of Liquid Assets," Working Papers 183, University of California, Davis, Department of Economics.
    48. Plamen Nenov & Espen Moen, 2014. "Buying First or Selling First? Buyer-Seller Decisions and Housing Market Volatility," 2014 Meeting Papers 471, Society for Economic Dynamics.
    49. Arakelyan, Armen & Serrano, Pedro, 2016. "Liquidity in Credit Default Swap Markets," Journal of Multinational Financial Management, Elsevier, vol. 37, pages 139-157.
    50. Anthony, John & Docherty, Paul & Lee, Doowon & Shamsuddin, Abul, 2017. "Liquidity commonality in the secondary corporate loan market," Economics Letters, Elsevier, vol. 161(C), pages 10-14.
    51. Charles Ka Yui Leung & Chung-Yi Tse, 2017. "Flipping in the Housing Market," ISER Discussion Paper 0989, Institute of Social and Economic Research, The University of Osaka.
    52. Athanasios Geromichalos & Juan M. Licari & Jose Suarez-Lledo, 2019. "Illiquid Financial Markets and Monetary Policy," Papers 1909.01889, arXiv.org.
    53. Yu An & Zeyu Zheng, 2023. "Immediacy Provision and Matchmaking," Management Science, INFORMS, vol. 69(2), pages 1245-1263, February.
    54. Dong Lu & Daniela Puzzello & Aiyong Zhu, 2025. "Search Frictions in Over‐the‐Counter Foreign Exchange Markets: Theory and Evidence," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(4), pages 1619-1644, October.
    55. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    56. Fecht, Falko & Reitz, Stefan & Weber, Patrick, 2015. "On the role of market makers for money market liquidity and tensions," Kiel Working Papers 2013, Kiel Institute for the World Economy.
    57. Fabienne Schneider, 2025. "On-the-run Premia, Settlement Fails, and Central Bank Access," Staff Working Papers 25-19, Bank of Canada.
    58. Carapella, Francesca & Monnet, Cyril, 2020. "Dealers’ insurance, market structure, and liquidity," Journal of Financial Economics, Elsevier, vol. 138(3), pages 725-753.
    59. Gabrovski, Miroslav & Kospentaris, Ioannis, 2021. "Intermediation in over-the-counter markets with price transparency," Journal of Economic Theory, Elsevier, vol. 198(C).
    60. Selcuk, Cemil, 2012. "Distressed sales and liquidity in OTC markets," MPRA Paper 38188, University Library of Munich, Germany.
    61. Olfa Berrich & Halim Dabbou & Mohamed Imen Gallali, 2022. "Over-the-counter market and corporate bond market development," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 47(2/3), pages 284-304.
    62. Berentsen, Aleksander & Madison, Florian, 2018. "Comments on “Frictional capital reallocation I: Ex ante heterogeneity” by R. Wright, S.X. Xiao, and Y. Zhu," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 117-119.
    63. Benjamin Lester & Guillaume Rocheteau & Pierre-Olivier Weill, 2014. "Competing for order flow in OTC markets," Working Papers 14-9, Federal Reserve Bank of Philadelphia.
    64. Marcin Maciaszczyk, 2018. "Znikający rynek stawek WIBOR. Efekt zmian regulacyjnych dla wyceny stóp rynku międzybankowego w Polsce," Bank i Kredyt, Narodowy Bank Polski, vol. 49(3), pages 217-252.
    65. Fabien Tripier, 2014. "A Search-Theoretic Approach to Efficient Financial Intermediation," Working Papers 2014-18, CEPII research center.
    66. Lagos, Ricardo, 2010. "Asset prices and liquidity in an exchange economy," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 913-930, November.
    67. Yuet-Yee Wong & Randall Wright, 2011. "Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes," 2011 Meeting Papers 374, Society for Economic Dynamics.
    68. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    69. Andreas Joseph & Michalis Vasios & Olga Maizels & Ujwal Shreyas & John Tanner, 2019. "OTC microstructure in a period of stress: a multi‑layered network approach," Bank of England Staff Working Paper series 832, Bank of England.
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  18. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2007. "Crashes and recoveries in illiquid markets," Working Papers (Old Series) 0708, Federal Reserve Bank of Cleveland.

    Cited by:

    1. Biais, Bruno & Weill, Pierre-Olivier, 2009. "Liquidity Shocks and Order Book Dynamics," TSE Working Papers 09-037, Toulouse School of Economics (TSE).
    2. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    3. Ana Babus & Péter Kondor, 2018. "Trading and Information Diffusion in Over‐the‐Counter Markets," Econometrica, Econometric Society, vol. 86(5), pages 1727-1769, September.
    4. Ricardo Lagos & Guillaume Rocheteau, 2007. "Liquidity in asset markets with search frictions," Working Papers (Old Series) 0706, Federal Reserve Bank of Cleveland.
    5. Lasse Pedersen, 2009. "When Everyone Runs for the Exit," International Journal of Central Banking, International Journal of Central Banking, vol. 5(4), pages 177-199, December.
    6. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2009. "Crises and Liquidity in Over-the-Counter Markets," NBER Working Papers 15414, National Bureau of Economic Research, Inc.
    7. Darrell Duffie & Bruno Strulovici, 2009. "Capital Mobility and Asset Pricing," Discussion Papers 1478, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Luigi Iovino, 2012. "Sophisticated Intermediation and Aggregate Volatility," 2012 Meeting Papers 965, Society for Economic Dynamics.
    9. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," NBER Working Papers 20419, National Bureau of Economic Research, Inc.
    10. Mikhail Golosov & Guido Lorenzoni & Aleh Tsyvinski, 2009. "Decentralized Trading with Private Information," NBER Working Papers 15513, National Bureau of Economic Research, Inc.
    11. Mancini Griffoli, Tommaso & Ranaldo, Angelo, 2012. "Limits to Arbitrage during the Crisis: Finding Liquidity Constraints and Covered Interest Parity," Working Papers on Finance 1212, University of St. Gallen, School of Finance.
    12. Babus, Ana & Kondor, Peter, 2018. "Trading and information diffusion in OTC markets," LSE Research Online Documents on Economics 88050, London School of Economics and Political Science, LSE Library.

  19. Ricardo Lagos & Randall Wright, 2007. "When is Money Essential? A Comment on Aliprantis, Camera and Puzzello," Levine's Bibliography 122247000000001815, UCLA Department of Economics.

    Cited by:

    1. Young Sik Kim & Manjong Lee, 2011. "Intermediary Cost and Coexistence Puzzle," Discussion Paper Series 1103, Institute of Economic Research, Korea University.
    2. William Luther, 2014. "Evenly rotating economy: A new modeling technique for an old equilibrium construct," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 403-417, December.
    3. Andrés Álvarez & Vincent Bignon, 2013. "L. Walras and C. Menger: two ways on the path of modern monetary theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(1), pages 89-124, February.

  20. Ricardo Lagos & Guillaume Rocheteau, 2007. "Liquidity in asset markets with search frictions," Working Papers (Old Series) 0706, Federal Reserve Bank of Cleveland.

    Cited by:

    1. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    2. Gara Minguez Afonso, 2008. "Liquidity and Congestion," 2008 Meeting Papers 926, Society for Economic Dynamics.
    3. Mark Paddrik & Stathis Tompaidis, 2019. "Market-Making Costs and Liquidity: Evidence from CDS Markets," Working Papers 19-01, Office of Financial Research, US Department of the Treasury.
    4. Nicholas Trachter & Bruno Sultanum & Zachary Bethune, 2017. "(In)efficiency and Intervention in Over-The-Counter Markets," 2017 Meeting Papers 1450, Society for Economic Dynamics.
    5. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    6. Semyon Malamud & Andreas Schrimpf, 2018. "An intermediation-based model of exchange rates," BIS Working Papers 743, Bank for International Settlements.
    7. Taneli Mäkinen & Francesco Palazzo, 2017. "The double bind of asymmetric information in over-the-counter markets," Temi di discussione (Economic working papers) 1128, Bank of Italy, Economic Research and International Relations Area.
    8. Chaumont, Gaston & Gordon, Grey & Sultanum, Bruno & Tobin, Elliot, 2024. "Sovereign debt and credit default swaps," Journal of International Economics, Elsevier, vol. 150(C).
    9. Federico Bonetto & Maurizio Iacopetta, 2018. "A Dynamic Analysis of Nash Equilibria in Search Models with Fiat Money," Papers 1805.04733, arXiv.org.
    10. Margherita Bottero & Stefano schiaffi, 2022. "Firm liquidity and the transmission of monetary policy," Temi di discussione (Economic working papers) 1378, Bank of Italy, Economic Research and International Relations Area.
    11. Xuesong Huang & Todd Keister, 2026. "Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited," Staff Reports 1179, Federal Reserve Bank of New York.
    12. Axelson, Ulf & Makarov, Igor, 2026. "Sequential credit markets," Journal of Financial Economics, Elsevier, vol. 176(C).
    13. Zhiguo He & Konstantin Milbradt, 2012. "Endogenous Liquidity and Defaultable Bonds," NBER Working Papers 18408, National Bureau of Economic Research, Inc.
    14. Duffie, Darrell & Malamud, Semyon & Manso, Gustavo, 2009. "The Relative Contributions of Private Information Sharing and Public Information Releases to Information Aggregation," Research Papers 2023, Stanford University, Graduate School of Business.
    15. Jan-Peter Siedlarek & Vladimir Yankov, 2025. "The Secondary Market for Syndicated Loans," Working Papers 25-10, Federal Reserve Bank of Cleveland.
    16. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "Asset Issuance in Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 4-29, July.
    17. Darrell Duffie & Lei Qiao & Yeneng Sun, 2015. "Dynamic Directed Random Matching," NBER Working Papers 21731, National Bureau of Economic Research, Inc.
    18. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    19. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
    20. Joseph, Andreas & Vasios, Michalis, 2022. "OTC Microstructure in a period of stress: A Multi-layered network approach," Journal of Banking & Finance, Elsevier, vol. 138(C).
    21. Pierre-Olivier Weill & Benjamin Lester & Julien Hugonnier, 2016. "Heterogeneity in decentralized asset markets," 2016 Meeting Papers 1014, Society for Economic Dynamics.
    22. Bianchi, Javier & Bigio, Saki, 2026. "Portfolio choice and settlement frictions: A theory of endogenous convenience yields," Journal of Economic Theory, Elsevier, vol. 234(C).
    23. Geromichalos, Athanasios & Jung, Kuk Mo, 2024. "Heterogeneous asset valuation in OTC markets and optimal inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 161(C).
    24. Shengxing Zhang, 2014. "Collateral Risk, Repo Rollover and Shadow Banking," 2014 Meeting Papers 562, Society for Economic Dynamics.
    25. Han, Han & Julien, Benoît & Petursdottir, Asgerdur & Wang, Liang, 2019. "Asset liquidity and indivisibility," European Economic Review, Elsevier, vol. 119(C), pages 236-250.
    26. Pedro, Gomis-Porqueras, 2016. "Fiscal Requirements for Price Stability in Economies with Private Provision of Liquidity and Unemployment," MPRA Paper 75113, University Library of Munich, Germany.
    27. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    28. Nathan Foley-Fisher & Stefan Gissler & Stephane Verani, 2019. "Over-the-Counter Market Liquidity and Securities Lending," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 272-294, July.
    29. Gusev Y. V. & Polovova T. A., 2015. "Motivational dominant scientific-pedagogical staff in the context of participation in scientific activities of the University," Annals of marketing-mba, Department of Marketing, Marketing MBA (RSconsult), vol. 4, December.
    30. Gabor Pinter & Semih Üslü & Jean-Charles Wijnandts, 2025. "Comparing search and intermediation frictions across markets," BIS Working Papers 1283, Bank for International Settlements.
    31. Bruno Sultanum, 2014. "Financial fragility and over-the-counter markets," 2014 Papers psu420, Job Market Papers.
    32. Farhi, Emmanuel & Tirole, Jean, 2012. "Liquid Bundles," TSE Working Papers 12-328, Toulouse School of Economics (TSE), revised Oct 2013.
    33. Emiliano Pagnotta & Thomas Philippon, 2011. "Competing on Speed," NBER Working Papers 17652, National Bureau of Economic Research, Inc.
    34. Robert Shimer & Gregor Jarosch & Maryam Farboodi, 2016. "Meeting Technologies in Decentralized Asset Markets," 2016 Meeting Papers 844, Society for Economic Dynamics.
    35. Braz Camargo & Benjamin Lester, 2011. "Trading dynamics in decentralized markets with adverse selection," Working Papers 11-36, Federal Reserve Bank of Philadelphia.
    36. Yuan Yuan, 2014. "Funding Liquidity and Market Liquidity," DETU Working Papers 1406, Department of Economics, Temple University.
    37. Cenedese, Gino & Ranaldo, Angelo & Vasios, Michalis, 2020. "OTC premia," Journal of Financial Economics, Elsevier, vol. 136(1), pages 86-105.
    38. Ricardo Lagos & Shengxing Zhang, 2018. "Turnover Liquidity and the Transmission of Monetary Policy," NBER Working Papers 25106, National Bureau of Economic Research, Inc.
    39. Anton Tsoy, 2016. "Liquidity and Prices in Decentralized Markets with Almost Public Information," 2016 Meeting Papers 8, Society for Economic Dynamics.
    40. Vayanos, Dimitri & Wang, Jiang, 2012. "Market liquidity - theory and empirical evidence," LSE Research Online Documents on Economics 119044, London School of Economics and Political Science, LSE Library.
    41. Patrick Bolton & Tano Santos & Jose A. Scheinkman, 2011. "Cream Skimming in Financial Markets," NBER Working Papers 16804, National Bureau of Economic Research, Inc.
    42. Ding, Shuze & Lu, Dong & Puzzello, Daniela, 2025. "The impact of search frictions in experimental asset markets: Over-the-counter versus double auction," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
    43. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    44. Hau, Harald & Hoffmann, Peter & Langfield, Sam & Timmer, Yannick, 2017. "Discriminatory pricing of over-the-counter derivatives," ESRB Working Paper Series 61, European Systemic Risk Board.
    45. Charles M. Kahn & David Marshall & Robert L. Mcdonald, 2026. "Liquidity Crises and the Market‐Maker of Last Resort," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(5), pages 1327-1357, August.
    46. Benjamin Falkeborg, 2015. "Dealing with Dynamic Agency," Discussion Papers 15-04, University of Copenhagen. Department of Economics.
    47. Maurizio Iacopetta & Raoul Minetti, 2019. "Asset Dynamics, Liquidity, and Inequality in Decentralized Markets," Post-Print halshs-03515555, HAL.
    48. Marco Bassetto & Wei Cui, 2023. "A Ramsey Theory of Financial Distortions," Staff Report 643, Federal Reserve Bank of Minneapolis.
    49. Ed Nosal & Yuet‐Yee Wong & Randall Wright, 2015. "More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 7-37, June.
    50. Gábor Pintér & Chaojun Wang & Junyuan Zou, 2021. "Size Discount and Size Penalty Trading Costs in Bond Markets," Discussion Papers 2114, Centre for Macroeconomics (CFM).
    51. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    52. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 119005, London School of Economics and Political Science, LSE Library.
    53. Chang, Briana & Zhang, Shengxing, 2015. "Endogenous market making and network formation," LSE Research Online Documents on Economics 86275, London School of Economics and Political Science, LSE Library.
    54. Liu, Zehao & He, Ping, 2022. "Real liquidity and banking," Journal of Financial Intermediation, Elsevier, vol. 49(C).
    55. Babus, Ana & Kondor, Peter, 2018. "Trading and information diffusion in over-the-counter markets," LSE Research Online Documents on Economics 118939, London School of Economics and Political Science, LSE Library.
    56. Feng Dong & Pengfei Wang & Yi Wen, 2016. "Credit search and credit cycles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(2), pages 215-239, February.
    57. Ricardo Lagos & Guillaume Rocheteau, 2008. "Liquidity in asset markets with search frictions," Staff Report 408, Federal Reserve Bank of Minneapolis.
    58. Andrew Ang & Dimitris Papanikolaou & Mark M. Westerfield, 2014. "Portfolio Choice with Illiquid Assets," Management Science, INFORMS, vol. 60(11), pages 2737-2761, November.
    59. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    60. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    61. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    62. Hedlund, Aaron, 2016. "Illiquidity and its discontents: Trading delays and foreclosures in the housing market," Journal of Monetary Economics, Elsevier, vol. 83(C), pages 1-13.
    63. Briana Chang, 2012. "Adverse Selection and Liquidity Distortion in Decentralized Markets," 2012 Meeting Papers 403, Society for Economic Dynamics.
    64. Abbassi, Puriya & Bräuning, Falk, 2018. "The pricing of FX forward contracts: Micro evidence from banks' dollar hedging," Discussion Papers 42/2018, Deutsche Bundesbank.
    65. Rocheteau, Guillaume, 2011. "Payments and liquidity under adverse selection," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 191-205.
    66. Fabienne Schneider, 2024. "On-the-run Premia, Settlement Fails, and Central Bank Access," Working Papers 24.05, Swiss National Bank, Study Center Gerzensee.
    67. Briana Chang, 2011. "Adverse Selection and Liquidity Distortion in Decentralized Markets," 2011 Meeting Papers 157, Society for Economic Dynamics.
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    Cited by:

    1. Shoko Morimoto, 2009. "Asset markets can achieve efficiency in the directed search framework," Discussion Papers in Economics and Business 09-33, Osaka University, Graduate School of Economics.
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    3. Zhiguo He & Konstantin Milbradt, 2012. "Endogenous Liquidity and Defaultable Bonds," NBER Working Papers 18408, National Bureau of Economic Research, Inc.
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    5. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
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    10. Hau, Harald & Hoffmann, Peter & Langfield, Sam & Timmer, Yannick, 2017. "Discriminatory pricing of over-the-counter derivatives," ESRB Working Paper Series 61, European Systemic Risk Board.
    11. Ricardo Lagos & Guillaume Rocheteau, 2007. "Liquidity in asset markets with search frictions," Working Papers (Old Series) 0706, Federal Reserve Bank of Cleveland.
    12. Georges, Christophre & Wallace, John C., 2009. "Learning Dynamics And Nonlinear Misspecification In An Artificial Financial Market," Macroeconomic Dynamics, Cambridge University Press, vol. 13(5), pages 625-655, November.
    13. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    14. Max Bruche & Anatoli Segura, 2016. "Debt maturity and the liquidity of secondary debt markets," Temi di discussione (Economic working papers) 1049, Bank of Italy, Economic Research and International Relations Area.
    15. Passadore, Juan & Xu, Yu, 2022. "Illiquidity in sovereign debt markets," Journal of International Economics, Elsevier, vol. 137(C).
    16. Friewald, Nils & Nagler, Florian, 2018. "Over-the-Counter Market Frictions and Yield Spread Changes," CEPR Discussion Papers 13345, Centre for Economic Policy Research.
    17. Celso Brunetti & Agostino Capponi & Christoph Frei, 2017. "Managing Counterparty Risk in OTC Markets," Finance and Economics Discussion Series 2017-083, Board of Governors of the Federal Reserve System (U.S.).
    18. Kim, Jinhwan & Valentine, Kristen, 2023. "Public firm disclosures and the market for innovation," Journal of Accounting and Economics, Elsevier, vol. 76(1).
    19. Guillaume Rocheteau & Lucie Lebeau & Tai-Wei Hu & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," Working Papers 181904, University of California-Irvine, Department of Economics.
    20. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2009. "Crises and Liquidity in Over-the-Counter Markets," NBER Working Papers 15414, National Bureau of Economic Research, Inc.
    21. Hugonnier, Julien & Lester, Benjamin & Weill, Pierre-Olivier, 2018. "Frictional intermediation in over-the-counter markets," CEPR Discussion Papers 13126, Centre for Economic Policy Research.
    22. Kurmann, André & Rabinovich, Stanislav, 2018. "Dynamic inefficiency in decentralized capital markets," Journal of Economic Theory, Elsevier, vol. 173(C), pages 231-256.
    23. Miroslav Gabrovski & Ioannis Kospentaris, 2020. "Intermediation in Over-the-Counter Markets with Price Transparency," Working Papers 202017, University of Hawaii at Manoa, Department of Economics.
    24. Kurmann, André, 2014. "Holdups and overinvestment in capital markets," Journal of Economic Theory, Elsevier, vol. 151(C), pages 88-113.
    25. Uslu, Semih, 2015. "Pricing and Liquidity in Decentralized Asset Markets," MPRA Paper 73901, University Library of Munich, Germany, revised 21 Sep 2016.
    26. Georges, Christophre, 2008. "Staggered updating in an artificial financial market," Journal of Economic Dynamics and Control, Elsevier, vol. 32(9), pages 2809-2825, September.
    27. Guillaume Rocheteau & Jose Antonio Rodriguez-Lopez, 2013. "Liquidity Provision, Interest Rates, and Unemployment," Working Papers 121311, University of California-Irvine, Department of Economics.
    28. Christoph Frei & Qianhong Huang, 2023. "Traditional and digital currencies in over-the-counter markets," Mathematics and Financial Economics, Springer, volume 17, number 4, June.
    29. David Andolfatto & Fernando M. Martin, 2023. "Welfare-enhancing inflation and liquidity premia," Working Papers 2023-001, Federal Reserve Bank of St. Louis, revised Sep 2023.
    30. Farboodi, Maryam & Jarosch, Gregor & Menzio, Guido & Wiriadinata, Ursula, 2025. "Intermediation as rent extraction," Journal of Economic Theory, Elsevier, vol. 227(C).
    31. Gara Afonso & Anna Kovner & Antoinette Schoar, 2013. "Trading Partners in the Interbank Lending Market," Staff Reports 620, Federal Reserve Bank of New York.
    32. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).
    33. Gautier, Pieter & Hu, Bo & Watanabe, Makoto, 2016. "Marketmaking Middlemen," CEPR Discussion Papers 11437, Centre for Economic Policy Research.
    34. Edouard Challe & Fran cois Le Grand & Xavier Ragot, 2010. "Incomplete markets, liquidation risk, and the term structure of interest rates," Working papers 301, Banque de France.
    35. Jamie Coen & Patrick Coen, 2022. "A structural model of liquidity in over‑the‑counter markets," Bank of England Staff Working Paper series 979, Bank of England.
    36. Afonso, Gara, 2011. "Liquidity and congestion," Journal of Financial Intermediation, Elsevier, vol. 20(3), pages 324-360, July.
    37. Makoto Watanabe, 2012. "Middlemen: A Directed Search Equilibrium Approach," Tinbergen Institute Discussion Papers 12-138/V, Tinbergen Institute.
    38. Terrence Hendershott & Dan Li & Dmitry Livdan & Norman Schürhoff, 2020. "Relationship Trading in Over‐the‐Counter Markets," Journal of Finance, American Finance Association, vol. 75(2), pages 683-734, April.
    39. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," NBER Working Papers 20419, National Bureau of Economic Research, Inc.
    40. Chung Chen & Milena Petrova & Garrison Hongyu Song, 2015. "Searching in the Pre-IPO Market-Interaction between Private Firms and Investment Banks," Accounting and Finance Research, Sciedu Press, vol. 4(4), pages 147-147, November.
    41. Hendershott, Terrence & Li, Dan & Livdan, Dmitry & Schürhoff, Norman, 2024. "When failure is an option: Fragile liquidity in over-the-counter markets," Journal of Financial Economics, Elsevier, vol. 157(C).
    42. Benjamin Lester & Guillaume Rocheteau & Pierre-Olivier Weill, 2014. "Competing for order flow in OTC markets," Working Papers 14-9, Federal Reserve Bank of Philadelphia.
    43. Chalmers, John & Liu, Yu (Steve) & Wang, Z. Jay, 2021. "The difference a day makes: Timely disclosure and trading efficiency in the muni market," Journal of Financial Economics, Elsevier, vol. 139(1), pages 313-335.
    44. David M. Arseneau & David E. Rappoport & Alexandros Vardoulakis, 2015. "Secondary Market Liquidity and the Optimal Capital Structure," Finance and Economics Discussion Series 2015-31, Board of Governors of the Federal Reserve System (U.S.).
    45. Lagos, Ricardo, 2010. "Asset prices and liquidity in an exchange economy," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 913-930, November.
    46. Han Han & Benoit Julien & Asgerdur Petursdottir & Liang Wang, 2017. "Asset Pricing Equilibria with Indivisible Goods," Working Papers 201705, University of Hawaii at Manoa, Department of Economics.
    47. Corradin, Stefano & Maddaloni, Angela, 2020. "The importance of being special: Repo markets during the crisis," Journal of Financial Economics, Elsevier, vol. 137(2), pages 392-429.
    48. Garrison Hongyu Song, 2023. "Valuation of Cryptocurrency Without Intrinsic Value: A Promise of Future Payment System and Implications to De-dollarization," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(2), pages 221-248, April.
    49. Ricardo Lagos & Gaston Navarro, 2019. "Monetary Operating Procedures in the Fed Funds Market: Theory and Policy Analysis," 2019 Meeting Papers 1521, Society for Economic Dynamics.
    50. Charles Ka Yui Leung & Chung-Yi Tse, 2012. "Flippers in Housing Market Search," 2012 Meeting Papers 434, Society for Economic Dynamics.
    51. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    52. Andrew Ellul & Dasol Kim, 2022. "Counterparty Choice, Bank Interconnectedness, and Bank Risk-taking," Working Papers 22-06, Office of Financial Research, US Department of the Treasury.
    53. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2008. "Crashes and Recoveries in Illiquid Markets," NBER Working Papers 14119, National Bureau of Economic Research, Inc.
    54. Araujo, Luis & Minetti, Raoul & Murro, Pierluigi, 2021. "Relationship finance, informed liquidity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 193(C).
    55. Kim, Jinhwan & Olbert, Marcel, 2022. "How does private firm disclosure affect demand for public firm equity? Evidence from the global equity market," Journal of Accounting and Economics, Elsevier, vol. 74(2).
    56. Juan Passadore, 2015. "Illiquidity in Sovereign Debt Markets," 2015 Meeting Papers 191, Society for Economic Dynamics.
    57. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2014. "Degreasing The Wheels Of Finance," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(3), pages 735-763, August.
    58. Hendershott, Terrence & Li, Dan & Livdan, Dmitry & Schürhoff, Norman, 2017. "Relationship Trading in OTC Markets," CEPR Discussion Papers 12472, Centre for Economic Policy Research.

  22. Nobuhiro Kiyotaki & Ricardo Lagos, 2006. "A model of job and worker flows," Staff Report 358, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Cristian Bartolucci & Ignacio Monzon, 2014. "Frictions Lead to Sorting: a Partnership Model with On-the-Match Search," Carlo Alberto Notebooks 385, Collegio Carlo Alberto.
    2. Shintaro Yamaguchi, 2006. "Job Search, Bargaining, and Wage Dynamics," ISER Discussion Paper 0658, Institute of Social and Economic Research, The University of Osaka.
    3. Tyrowicz, Joanna & van der Velde, Lucas, 2018. "Labor reallocation and demographics," Journal of Comparative Economics, Elsevier, vol. 46(1), pages 381-412.
    4. Spiros Bougheas & Carl Davidson & Richard Upward & Peter Wright, 2015. "Structural adjustment, job turnover and career progression," Gecomplexity Discussion Paper Series 14, Action IS1104 "The EU in the new complex geography of economic systems: models, tools and policy evaluation", revised Sep 2015.
    5. Keisuke Kawata, 2013. "Work Hour Mismatch and On-the-job Search," IDEC DP2 Series 3-6, Hiroshima University, Graduate School for International Development and Cooperation (IDEC).
    6. Ricardo Lagos & Guillaume Rocheteau, 2008. "Liquidity in asset markets with search frictions," Staff Report 408, Federal Reserve Bank of Minneapolis.
    7. Duffie, Darrell & Qiao, Lei & Sun, Yeneng, 2018. "Dynamic directed random matching," Journal of Economic Theory, Elsevier, vol. 174(C), pages 124-183.
    8. Spiros Bougheas & Carl Davidson & Richard Upward & Peter Wright, 2008. "Structural Adjustment, Turnover and Career Mobility," Discussion Papers 08/23, University of Nottingham, GEP.
    9. Nobuhiro Kiyotaki & Ricardo Lagos, 2007. "A Model of Job and Worker Flows," Journal of Political Economy, University of Chicago Press, vol. 115(5), pages 770-819, October.
    10. Reinout De Bock, 2007. "Investment-Specific Technology Shocks and Labor Market Frictions," Working Paper Research 108, National Bank of Belgium.
    11. Andreas Hornstein & Per Krusell & Giovanni L. Violante, 2007. "Frictional Wage Dispersion in Search Models: A Quantitative Assessment," NBER Working Papers 13674, National Bureau of Economic Research, Inc.
    12. Kawata, Keisuke & Nakajima, Kentaro & Sato, Yasuhiro, 2016. "Multi-region job search with moving costs," Regional Science and Urban Economics, Elsevier, vol. 61(C), pages 114-129.
    13. Bonilla Roberto & Burdett Kenneth, 2010. "On-the-Job Search and Labor Market Equilibrium," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-28, March.
    14. Carlo Gianelle & Giuseppe Tattara, 2014. "Vacancy chains and the business cycle. Stringing together job-to-job transitions in micro data," International Journal of Manpower, Emerald Group Publishing Limited, vol. 35(8), pages 1212-1235, October.
    15. Adrien G. Bilal & Niklas Engbom & Simon Mongey & Giovanni L. Violante, 2019. "Firm and Worker Dynamics in a Frictional Labor Market," NBER Working Papers 26547, National Bureau of Economic Research, Inc.
    16. Acharya, Sushant & Wee, Shu Lin, 2025. "On-the-job search and the productivity-wage gap," European Economic Review, Elsevier, vol. 179(C).
    17. Nicolas L. Jacquet, 2007. "Inefficient Worker Turnover," Labor Economics Working Papers 22450, East Asian Bureau of Economic Research.
    18. Davis, Steven J. & Faberman, Jason & Haltiwanger, John C., 2005. "The Flow Approach to Labor Markets: New Data Sources, Micro-Macro Links and the Recent Downturn," IZA Discussion Papers 1639, IZA Network @ LISER.
    19. Joanna Tyrowicz & Lucas van der Velde, 2014. "Can We Really Explain Worker Flows in Transition Economies?," Working Papers 2014-28, Faculty of Economic Sciences, University of Warsaw.

  23. Ricardo Lagos, 2006. "A model of TFP," Staff Report 345, Federal Reserve Bank of Minneapolis.

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    1. Ferreira, Pedro Cavalcanti & Galvao Jr., Antonio F. & Gomes, Fabio Augusto Reis & Pessoa, Samuel de Abreu, 2010. "The effects of external and internal shocks on total factor productivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(3), pages 298-309, August.
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    3. Giuseppina Gianfreda & Giovanna Vallanti, 2017. "Informality and productivity: do firms escape EPL through shadow employment? Evidence from a regression discontinuity design," Working Papers 2017-01, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.
    4. Andrea Finicelli & Patrizio Pagano & Massimo Sbracia, 2009. "Trade-Revealed TFP," Temi di discussione (Economic working papers) 729, Bank of Italy, Economic Research and International Relations Area.
    5. Feng Dong, 2023. "Aggregate Implications of Financial Frictions for Unemployment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 48, pages 45-71, April.
    6. Nicolas Petrosky-Nadeau, "undated". "TFP during a Credit Crunch," GSIA Working Papers 2010-E70, Carnegie Mellon University, Tepper School of Business.
    7. Alexandre Janiak & Etienne Wasmer, 2014. "Employment protection and capital-labor ratios," Working Papers hal-03460272, HAL.
    8. Lucciano Villacorta, 2016. "Estimating Country Heterogeneity in Capital - Labor Substitution Using Panel Data," Working Papers Central Bank of Chile 788, Central Bank of Chile.
    9. Muravyev, Alexander, 2010. "Evolution of Employment Protection Legislation in the USSR, CIS and Baltic States, 1985-2009," IZA Discussion Papers 5365, IZA Network @ LISER.
    10. Mr. Ashvin Ahuja, 2012. "De-Monopolization toward Long-Term Prosperity in China," IMF Working Papers 2012/075, International Monetary Fund.
    11. Pau S. Pujolas & Zachary L. Mahone, 2017. "Optimal Design and Quantitative Evaluation of the Minimum Wage," Department of Economics Working Papers 2017-15, McMaster University.
    12. Gita Gopinath & Şebnem Kalemli-Özcan & Loukas Karabarbounis & Carolina Villegas-Sanchez, 2017. "Capital Allocation and Productivity in South Europe," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(4), pages 1915-1967.
    13. Da-Rocha, José-María & Restuccia, Diego & Tavares, Marina Mendes, 2019. "Firing costs, misallocation, and aggregate productivity," Journal of Economic Dynamics and Control, Elsevier, vol. 98(C), pages 60-81.
    14. Andrzej Rzonca & Piotr Cizkowicz, 2014. "The effects of unconventional monetary policy: what do central banks not include in their models? / Skutki niekonwencjonalnej polityki pieniê¿nej: czego banki centralne nie uwzglêdniaj¹w swoich modelach?," mBank - CASE Seminar Proceedings 131, CASE-Center for Social and Economic Research.
    15. Finicelli, Andrea & Pagano, Patrizio & Sbracia, Massimo, 2013. "Ricardian selection," Journal of International Economics, Elsevier, vol. 89(1), pages 96-109.
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    18. Pollak, Andreas, 2022. "A Unified Theory of Growth, Cycles and Unemployment - Part I: Technology, Competition and Growth," MPRA Paper 117768, University Library of Munich, Germany.
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    22. Luigi Guiso & Fabiano Schivardi, 2007. "What determines entrepreneurial clusters?," Economics Working Papers ECO2007/48, European University Institute.
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    25. Nadav Ben Zeev & Tomer Ifergane, 2022. "Firing Restrictions and Economic Resilience: Protect and Survive?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 93-124, January.
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    28. Hernan Moscoso Boedo & Toshihiko Mukoyama, 2012. "Evaluating the effects of entry regulations and firing costs on international income differences," Journal of Economic Growth, Springer, vol. 17(2), pages 143-170, June.
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    30. Kunieda, Takuma, 2008. "Financial Development, Capital Flow, and Income Differences between Countries," MPRA Paper 11342, University Library of Munich, Germany.
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    36. García-Vega, María & Kneller, Richard & Stiebale, Joel, 2021. "Labor market reform and innovation: Evidence from Spain," Research Policy, Elsevier, vol. 50(5).
    37. Diego Restuccia & Richard Rogerson, 2017. "The Causes and Costs of Misallocation," Working Papers tecipa-581, University of Toronto, Department of Economics.
    38. Jesse Perla & Christopher Tonetti, 2012. "Endogenous Risk and Growth," 2012 Meeting Papers 479, Society for Economic Dynamics.
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    40. Charles I. Jones, 2004. "The Shape of Production Function and the Direction of Technical Change," NBER Working Papers 10457, National Bureau of Economic Research, Inc.
    41. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2006. "Business cycle accounting," Staff Report 328, Federal Reserve Bank of Minneapolis.
    42. Joel David, 2012. "The Aggregate Implications of Mergers and Acquisitions," 2012 Meeting Papers 1178, Society for Economic Dynamics.
    43. Marco Bee & Maria Michela Dickson & Flavio Santi, 2017. "Likelihood-based Risk Estimation for Variance-Gamma Models," DEM Working Papers 2017/03, Department of Economics and Management.
    44. Eleftherios Giovanis & Oznur Ozdamar, 2018. "Productivity and Resource Misallocation: Evidence from Firms in Middle East and North Africa (MENA) Region Countries," Working Papers 1266, Economic Research Forum, revised 10 Dec 2018.
    45. Ortego-Marti, Victor, 2017. "Loss of skill during unemployment and TFP differences across countries," European Economic Review, Elsevier, vol. 100(C), pages 215-235.
    46. Grégoire Rota-Graziosi, 2019. "The supermodularity of the tax competition game," Post-Print hal-02115150, HAL.
    47. Michael Peters, 2010. "Mark-Up Distortions and Endogenous Misallocation," 2010 Meeting Papers 431, Society for Economic Dynamics.
    48. Bah, El-hadj M. & Fang, Lei, 2011. "Impact of the business environment on output and productivity in Africa," MPRA Paper 32517, University Library of Munich, Germany.
    49. Pablo D. Fajgelbaum, 2013. "Labor Market Frictions, Firm Growth, and International Trade," NBER Working Papers 19492, National Bureau of Economic Research, Inc.
    50. Mr. Ruy Lama, 2009. "Accounting for Output Drops in Latin America," IMF Working Papers 2009/067, International Monetary Fund.
    51. Nadav Ben Zeev & Tomer Ifergane, 2019. "Employment Protection Legislation and Economic Resilience: Protect and Survive?," Working Papers 1910, Ben-Gurion University of the Negev, Department of Economics.
    52. Reinout De Bock, 2007. "Investment-Specific Technology Shocks and Labor Market Frictions," Working Paper Research 108, National Bank of Belgium.
    53. Petra Marotzke, 2011. "Macroeconomic Stability and Wage Inequality: A Model with Credit and Labor Market Frictions," Working Paper Series of the Department of Economics, University of Konstanz 2011-38, Department of Economics, University of Konstanz.
    54. Xiao Dai & Jian Wu & Liang Yan & Qian Zhang & Fangli Ruan & Dan Wang, 2019. "Industrial Structure Restructuring, Production Factor Allocation Analysis: Based on a Mineral Resource-Intensive City—Jiaozuo City," Sustainability, MDPI, vol. 11(4), pages 1-19, February.
    55. Miguel A. Leon-Ledesma & Mathan Satchi, 2011. "The Choice of CES Production Techniques and Balanced Growth," Studies in Economics 1113, School of Economics, University of Kent.
    56. Mr. Ruy Lama & Carlos Urrutia, 2011. "Employment Protection and Business Cycles in Emerging Economies," IMF Working Papers 2011/293, International Monetary Fund.
    57. Miroslav Gabrovski & Victor Ortego-Marti, 2021. "Efficiency in the Housing Market with Search Frictions," Working Papers 202108, University of California at Riverside, Department of Economics.
    58. Bassanini, Andrea & Nunziata, Luca & Venn, Danielle, 2008. "Job Protection Legislation and Productivity Growth in OECD Countries," IZA Discussion Papers 3555, IZA Network @ LISER.
    59. Diego Daruich & Sabrina Di Addario & Raffaele Saggio, 2020. "The Effects of Partial Employment Protection Reforms: Evidence from Italy," Development Working Papers 463, Centro Studi Luca d'Agliano, University of Milano, revised 27 Apr 2020.
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    64. Claude Francis Naoussi & Fabien Tripier, 2013. "Trend Shocks and Economic Development," Working Papers 2013-03, CEPII research center.
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    Cited by:

    1. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    2. Lukas Altermatt, 2017. "Inside money, investment, and unconventional monetary policy," ECON - Working Papers 247, Department of Economics - University of Zurich, revised Jul 2019.
    3. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    4. Francesca Carapella & Stephen D. Williamson, 2014. "Credit markets, limited commitment, and government debt," Working Papers 2014-10, Federal Reserve Bank of St. Louis.
    5. Benjamin Lester & Andrew Postlewaite & Randall Wright, 2008. "Information, Liquidity and Asset Prices," PIER Working Paper Archive 08-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    6. Lukas Altermatt & Christian Wipf, 2024. "Liquidity, the Mundell–Tobin Effect, and the Friedman Rule," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(5), pages 1235-1259, August.
    7. Marco Bassetto & Wei Cui, 2021. "A Ramsey Theory of Financial Distortions," Discussion Papers 2107, Centre for Macroeconomics (CFM).
    8. Cyril Monnet & Daniel R. Sanches, 2012. "Private liquidity and banking regulation," Working Papers 12-11, Federal Reserve Bank of Philadelphia.
    9. David Andolfatto & Fernando M. Martin, 2012. "Information disclosure and exchange media," Working Papers 2012-012, Federal Reserve Bank of St. Louis.
    10. Yu Zhu & Randall Wright & Chao He, 2013. "Housing and Liquidity," 2013 Meeting Papers 168, Society for Economic Dynamics.
    11. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2015. "Aggregate Unemployment and Household Unsecured Debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 77-100, January.
    12. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    13. Jonathan Chiu & Césaire Meh & Randall Wright, 2011. "Innovation and Growth with Financial, and Other, Frictions," Staff Working Papers 11-25, Bank of Canada.
    14. Stephen D. Williamson, 2012. "Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach," American Economic Review, American Economic Association, vol. 102(6), pages 2570-2605, October.
    15. Irina A. Telyukova & Randall Wright, 2007. "A model of money and credit, with application to the credit card debt puzzle," Working Papers (Old Series) 0711, Federal Reserve Bank of Cleveland.
    16. van Buggenum, Hugo & Uras, Burak, 2019. "Money, Asset Markets and Efficiency of Capital Formation," Discussion Paper 2019-002, Tilburg University, Center for Economic Research.
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    19. Shengxing Zhang & Ricardo Lagos, 2016. "Turnover Liquidity and the Transmission of Monetary Policy," 2016 Meeting Papers 1569, Society for Economic Dynamics.
    20. Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2017. "A Model of Collateral," Tinbergen Institute Discussion Papers 17-098/VII, Tinbergen Institute.
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    22. Chao Gu & Randall Wright, 2016. "Monetary Mechanisms," Working Papers 1601, Department of Economics, University of Missouri.
    23. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    24. Randall Wright & Sylvia Xiaolin Xiao & Yu Zhu, 2019. "Frictional Capital Reallocation I: Ex Ante Heterogeneity," Staff Working Papers 19-4, Bank of Canada.
    25. Athanasios Geromichalos & Lucas Herrenbrueck, 2015. "A Tractable Model of Indirect Asset Liquidity," Working Papers 126, University of California, Davis, Department of Economics.
    26. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
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    34. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
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    44. Jesús Fernández-Villaverde & Daniel R. Sanches, 2022. "A Model of the Gold Standard," Working Papers 22-33, Federal Reserve Bank of Philadelphia.
    45. David Andolfatto & Aleksander Berentsen & Christopher Waller, 2015. "Monetary policy with asset-backed money," ECON - Working Papers 198, Department of Economics - University of Zurich.
    46. Todd Keister & Daniel R. Sanches, 2021. "Should Central Banks Issue Digital Currency?," Working Papers 21-37, Federal Reserve Bank of Philadelphia.
    47. Guillaume Rocheteau & Lucie Lebeau & Tai-Wei Hu & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," Working Papers 181904, University of California-Irvine, Department of Economics.
    48. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
    49. Randall Wright & Sylvia Xiao & Yu Zhu, 2020. "Frictional Capital Reallocation with Ex Post Heterogeneity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 227-253, August.
    50. van Buggenum, Hugo, 2021. "Risk, Inside Money, and the Real Economy," Discussion Paper 2021-020, Tilburg University, Center for Economic Research.
    51. Gomis-Porqueras, Pedro & Huangfu, Stella & Sun, Hongfei, 2020. "The role of search frictions in the long-run relationships between inflation, unemployment and capital," European Economic Review, Elsevier, vol. 123(C).
    52. Chao Gu & Guido Menzio & Randall Wright & Yu Zhu, 2020. "Toxic Assets and Market Freezes," Working Papers 2001, Department of Economics, University of Missouri.
    53. Branch, William A. & Petrosky-Nadeau, Nicolas & Rocheteau, Guillaume, 2016. "Financial frictions, the housing market, and unemployment," Journal of Economic Theory, Elsevier, vol. 164(C), pages 101-135.
    54. Randall Wright & Xiaolin Xiao & Yu Zhu, 2018. "Frictional Capital Reallocation II: Ex Post Heterogeneity," 2018 Meeting Papers 544, Society for Economic Dynamics.
    55. Rose, Andrew & Spiegel, Mark, 2011. "Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis," CEPR Discussion Papers 8557, Centre for Economic Policy Research.
    56. Alessandro Mennuni, 2025. "Money and Credit Coexistence, Excess Capacity, and the Size of Monetary Aggregates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(2-3), pages 477-513, March.
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    58. Kocherlakota, Narayana & Wright, Randall, 2008. "Introduction to monetary and macro economics," Journal of Economic Theory, Elsevier, vol. 142(1), pages 1-4, September.
    59. Athanasios Geromichalos & Jiwon Lee & Seungduck Lee & Keita Oikawa, 2016. "Over-the-counter trade and the value of assets as collateral," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(3), pages 443-475, August.
    60. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2015. "Limited commitment and the demand for money," ECON - Working Papers 199, Department of Economics - University of Zurich, revised Feb 2016.
    61. Nosal, Ed & Rocheteau, Guillaume, 2013. "Pairwise trade, asset prices, and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 1-17.
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    63. Kevin Salyer & Athanasios Geromichalos & Lucas Herrenbrueck, 2013. "A Search-Theoretic Model of the Term Premium," Working Papers 300, University of California, Davis, Department of Economics.
    64. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
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    66. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "The Strategic Determination of the Supply of Liquid Assets," Working Papers 183, University of California, Davis, Department of Economics.
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    68. Chao Gu & Han Han & Randall Wright, 2020. "The Effects Of News When Liquidity Matters," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(4), pages 1411-1435, November.
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    72. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
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    74. Lukas Altermatt & Hugo van Buggenum & Lukas Voellmy, 2022. "Systemic bank runs without aggregate risk: how a misallocation of liquidity may trigger a solvency crisis," Working Papers 2022-10, Swiss National Bank.
    75. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    76. Athanasios Geromichalos & Lucas Herrenbrueck, 2017. "The Liquidity-Augmented Model of Macroeconomic Aggregates," Discussion Papers dp17-16, Department of Economics, Simon Fraser University.
    77. Young Sik Kim & Manjong Lee, 2012. "Recognizability and Liquidity of Assets," Korean Economic Review, Korean Economic Association, vol. 28, pages 241-259.
    78. Guillaume Rocheteau & Tai-Wei Hu & Lucie Lebeau & Younghwan In, 2021. "Gradual Bargaining in Decentralized Asset Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 72-109, October.
    79. David Andolfatto & Aleksander Berentsen & Christopher Waller, 2011. "Optimal disclosure policy and undue diligence," ECON - Working Papers 045, Department of Economics - University of Zurich.
    80. Leo Ferraris & Makoto Watanabe, 2012. "Liquidity Constraints In A Monetary Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(1), pages 255-277, February.
    81. Parag Waknis, 2011. "Monetary Policy under Leviathan Currency Competition," Working papers 2011-21, University of Connecticut, Department of Economics.
    82. Jacquet, Nicolas L. & Tan, Serene, 2012. "Money and asset prices with uninsurable risks," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 784-797.
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    115. Guillaume Rocheteau, 2008. "Money and competing assets under private information," Working Papers (Old Series) 0802, Federal Reserve Bank of Cleveland.
    116. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.
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  25. Ricardo Lagos, 2006. "Inside and outside money," Staff Report 374, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Franz Seitz & Markus A. Schmidt, 2014. "Money In Modern Macro Models: A Review of the Arguments," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 156-174.
    2. Semih Tumen, 2012. "Regulating Check Use in Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 12(1), pages 1-12.
    3. Stephan Luck & Paul Schempp, 2014. "Outside Liquidity, Rollover Risk, and Government Bonds," Discussion Paper Series of the Max Planck Institute for Behavioral Economics 2014_14, Max Planck Institute for Behavioral Economics.
    4. Stracca, Livio, 2007. "Should we take inside money seriously?," Working Paper Series 841, European Central Bank.
    5. Mikołaj Szadkowski, 2025. "Creation of central bank money in the European Union," Bank i Kredyt, Narodowy Bank Polski, vol. 56(3), pages 309-338.
    6. Rösl, Gerhard, 2024. "A present value concept for measuring welfare," IMFS Working Paper Series 203, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    7. Jia, Pengfei, 2021. "Trust Shocks, Financial Crises, and Money," MPRA Paper 106343, University Library of Munich, Germany.
    8. Semih Tumen, 2010. "Regulation and the Market for Checks (Duzenlemeler ve Cek Piyasasi)," Working Papers 1006, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    9. Rivero Leiva, David & Rodríguez Mendizábal, Hugo, 2019. "Self-fulfilling runs and endogenous liquidity creation," Journal of Financial Stability, Elsevier, vol. 45(C).

  26. Ricardo Lagos, 2006. "Asset prices and liquidity in an exchange economy," Staff Report 373, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    2. Shoko Morimoto, 2009. "Asset markets can achieve efficiency in the directed search framework," Discussion Papers in Economics and Business 09-33, Osaka University, Graduate School of Economics.
    3. Benigno, Pierpaolo & Nistico, Salvatore, 2013. "Safe Assets, Liquidity and Monetary Policy," CEPR Discussion Papers 9767, Centre for Economic Policy Research.
    4. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    5. William A. Branch & Nicolas Petrosky-Nadeau & Guillaume Rocheteau, 2014. "Financial Frictions, the Housing Market, and Unemployment," Working Paper Series 2014-26, Federal Reserve Bank of San Francisco.
    6. Brunnermeier, Markus & Niepelt, Dirk, 2019. "On the Equivalence of Private and Public Money," CEPR Discussion Papers 13778, Centre for Economic Policy Research.
    7. Benjamin Lester & Andrew Postlewaite & Randall Wright, 2008. "Information, Liquidity and Asset Prices," PIER Working Paper Archive 08-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    8. Weill, Pierre-Olivier, 2008. "Liquidity premia in dynamic bargaining markets," Journal of Economic Theory, Elsevier, vol. 140(1), pages 66-96, May.
    9. Raurich, Xavier & Seegmuller, Thomas, 2019. "On the interplay between speculative bubbles and productive investment," European Economic Review, Elsevier, vol. 111(C), pages 400-420.
    10. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    11. Marco Bassetto & Thomas J. Sargent, 2020. "Shotgun Wedding: Fiscal and Monetary Policy," NBER Working Papers 27004, National Bureau of Economic Research, Inc.
    12. Biais, Bruno & Weill, Pierre-Olivier, 2009. "Liquidity Shocks and Order Book Dynamics," TSE Working Papers 09-037, Toulouse School of Economics (TSE).
    13. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    14. Pierre-Olivier Weill & Benjamin Lester & Julien Hugonnier, 2016. "Heterogeneity in decentralized asset markets," 2016 Meeting Papers 1014, Society for Economic Dynamics.
    15. David Andolfatto & Fernando M. Martin, 2012. "Information disclosure and exchange media," Working Papers 2012-012, Federal Reserve Bank of St. Louis.
    16. Florian Madison, 2017. "Frictional asset reallocation under adverse selection," ECON - Working Papers 261, Department of Economics - University of Zurich, revised Jan 2018.
    17. Bianchi, Javier & Bigio, Saki, 2026. "Portfolio choice and settlement frictions: A theory of endogenous convenience yields," Journal of Economic Theory, Elsevier, vol. 234(C).
    18. Rosen Valchev, 2015. "Exchange Rates and UIP Violations at Short and Long Horizons," 2015 Meeting Papers 1446, Society for Economic Dynamics.
    19. Geromichalos, Athanasios & Jung, Kuk Mo, 2024. "Heterogeneous asset valuation in OTC markets and optimal inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 161(C).
    20. Piero Gottardi & Vincent Maurin & Cyril Monnet, 2019. "A theory of repurchase agreements, collateral re-use, and repo intermediation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 30-56, July.
    21. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
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    23. James B. Bullard, 2018. "R-star wars: the phantom menace," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 53(2), pages 60-65, April.
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    25. Kabaca, Serdar & Maas, Renske & Mavromatis, Kostas & Priftis, Romanos, 2023. "Optimal quantitative easing in a monetary union," European Economic Review, Elsevier, vol. 152(C).
    26. Antonio Rodriguez‐Lopez, 2021. "Liquidity and the International Allocation of Economic Activity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 789-830, May.
    27. Irina A. Telyukova & Randall Wright, 2007. "A model of money and credit, with application to the credit card debt puzzle," Working Papers (Old Series) 0711, Federal Reserve Bank of Cleveland.
    28. Gara Afonso & Ricardo Lagos, 2014. "The Over-the-Counter Theory of the Fed Funds Market: A Primer," Working Papers 711, Federal Reserve Bank of Minneapolis.
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    32. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
    33. Athanasios Geromichalos & Juan M Licari & Jose Suarez-Lledo, 2007. "Monetary Policy and Asset Prices," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 10(4), pages 761-779, October.
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    35. Rosen Valchev, 2017. "Bond Convenience Yields and Exchange Rate Dynamics," Boston College Working Papers in Economics 943, Boston College Department of Economics.
    36. Roberto Robatto, 2018. "Flight to Liquidity and Systemic Bank Runs," 2018 Meeting Papers 276, Society for Economic Dynamics.
    37. Federico Favaretto, 2023. "Exchange Rates and Government Debt," BAFFI CAREFIN Working Papers 23198, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    38. Waknis, Parag, 2017. "Competitive Supply of Money in a New Monetarist Model," MPRA Paper 75401, University Library of Munich, Germany.
    39. Yuchi Chu & Yiting Li, 2024. "Secured Loans and Risky Assets in a Monetary Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 395-427, March.
    40. Athanasios Geromichalos & Lucas Herrenbrueck, 2015. "A Tractable Model of Indirect Asset Liquidity," Working Papers 126, University of California, Davis, Department of Economics.
    41. Marco Bassetto & Wei Cui, 2023. "A Ramsey Theory of Financial Distortions," Staff Report 643, Federal Reserve Bank of Minneapolis.
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    43. Jung, Kuk Mo & Pyun, Ju Hyun, 2015. "International Reserves for Emerging Economies: A Liquidity Approach," MPRA Paper 64235, University Library of Munich, Germany.
    44. Aleksander Berentsen & Cyril Monnet, 2008. "Monetary policy in a channel system," Working Papers 08-7, Federal Reserve Bank of Philadelphia.
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    50. Lucas Herrenbrueck, 2016. "Quantitative Easing and the Liquidity Channel of Monetary Policy," 2016 Meeting Papers 767, Society for Economic Dynamics.
    51. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    52. Kang, Kee-Youn, 2021. "Optimal contract for asset trades: Collateralizing or selling?," Journal of Financial Markets, Elsevier, vol. 56(C).
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    57. Johnson, Christopher, 2016. "Differences of Opinion, Liquidity, and Monetary Policy," MPRA Paper 70951, University Library of Munich, Germany.
    58. Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
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    66. Sylvia Xiao & Randall Wright & Guillaume Rocheteau, 2017. "Open Market Operations," 2017 Meeting Papers 345, Society for Economic Dynamics.
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    140. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," Working Papers 710, Federal Reserve Bank of Minneapolis.
    141. Fernández-Villaverde, Jesús & Sanches, Daniel, 2023. "A model of the gold standard," Journal of Economic Theory, Elsevier, vol. 214(C).
    142. Fatih Tuluk, 2021. "Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy," Open Economies Review, Springer, vol. 32(5), pages 975-1016, November.
    143. Andreas Tryphonides, 2023. "Identifying Preferences when Households are Financially Constrained," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 521-546, December.
    144. Williamson, Stephen D., 2016. "Scarce collateral, the term premium, and quantitative easing," Journal of Economic Theory, Elsevier, vol. 164(C), pages 136-165.
    145. Lucas Marc Fuhrer & Benjamin Müller & Luzian Steiner, 2016. "The Liquidity Coverage Ratio and Security Prices," Working Papers 2016-11, Swiss National Bank.
    146. Guillaume Rocheteau, 2008. "Money and competing assets under private information," Working Papers (Old Series) 0802, Federal Reserve Bank of Cleveland.
    147. Yu Zhang, 2017. "Liquidity Constraints, Transition Dynamics, and the Chinese Housing Return Premium," 2017 Meeting Papers 1217, Society for Economic Dynamics.
    148. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    149. Tai‐Wei Hu & Guillaume Rocheteau, 2015. "Monetary Policy and Asset Prices: A Mechanism Design Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 39-76, June.
    150. Guillaume Rocheteau, 2011. "Discussion of “Information and Liquidity”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 379-384, October.
    151. James J. Choi & Adriana Z. Robertson, 2020. "What Matters to Individual Investors? Evidence from the Horse's Mouth," Journal of Finance, American Finance Association, vol. 75(4), pages 1965-2020, August.
    152. Guillaume Rocheteau, 2009. "A monetary approach to asset liquidity," Working Papers (Old Series) 0901, Federal Reserve Bank of Cleveland.

  27. Ricardo Lagos & Guillaume Rocheteau, 2006. "Search in asset markets," Working Papers (Old Series) 0607, Federal Reserve Bank of Cleveland.

    Cited by:

    1. Ricardo Lagos & Guillaume Rocheteau, 2007. "Search in asset markets: market structure, liquidity, and welfare," Working Papers (Old Series) 0701, Federal Reserve Bank of Cleveland.
    2. Nicolae B. Garleanu & Lasse H. Pedersen, 2009. "Dynamic Trading with Predictable Returns and Transaction Costs," NBER Working Papers 15205, National Bureau of Economic Research, Inc.
    3. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    4. Gabor Pinter & Semih Üslü & Jean-Charles Wijnandts, 2025. "Comparing search and intermediation frictions across markets," BIS Working Papers 1283, Bank for International Settlements.
    5. Marcel Nutz & José A. Scheinkman, 2020. "Shorting in Speculative Markets," Journal of Finance, American Finance Association, vol. 75(2), pages 995-1036, April.
    6. Ricardo Lagos & Guillaume Rocheteau, 2007. "Liquidity in asset markets with search frictions," Working Papers (Old Series) 0706, Federal Reserve Bank of Cleveland.
    7. Huberto M. Ennis & John A. Weinberg, 2007. "Interest on reserves and daylight credit," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 93(Spr), pages 111-142.
    8. Georges, Christophre, 2008. "Staggered updating in an artificial financial market," Journal of Economic Dynamics and Control, Elsevier, vol. 32(9), pages 2809-2825, September.
    9. Mouhua Liao, "undated". "Periodic, Complete-participation Trade in the Lagos-Rocheteau Model," Working Papers 2014-08-06, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
    10. Veronica Guerrieri & Guido Lorenzoni, 2007. "Liquidity and Trading Dynamics," NBER Working Papers 13204, National Bureau of Economic Research, Inc.
    11. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," NBER Working Papers 20419, National Bureau of Economic Research, Inc.
    12. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2017. "Asset Issuance in Over-the-Counter Markets," Working Paper 17-13, Federal Reserve Bank of Richmond.
    13. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2008. "Crashes and Recoveries in Illiquid Markets," NBER Working Papers 14119, National Bureau of Economic Research, Inc.
    14. Grace Xun Gong & Randall Wright, 2024. "Middlemen In Search Equilibrium With Intensive And Extensive Margins," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(4), pages 1657-1679, November.

  28. Ricardo Lagos & Guillaume Rocheteau, 2004. "Inflation, output, and welfare," Working Papers (Old Series) 0407, Federal Reserve Bank of Cleveland.

    Cited by:

    1. Babutsidze, Zakaria & Bonetto, Federico & Hanaki, Nobuyuki & Iacopetta, Maurizio, 2025. "Money, inflation tax, and trading behavior: Theory and laboratory experiments," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    2. Keiichiro KOBAYASHI, 2009. "Asset-Price Collapse and Market Disruption - A model of financial crises -," Discussion papers 09045, Research Institute of Economy, Trade and Industry (RIETI).
    3. Mansoor Mushtaq & Gulnaz Hameed & Nasir Mahmood & Muhammad Hanif, 2026. "Financial Development, Financial Globalization, and Economic Growth Volatility: A Comparative Analysis for Developing and Developed Economies," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(1), pages 1847-1875, February.
    4. Andolfatto, David, 2007. "Incentives and the Limits to Deflationary Policy," MPRA Paper 4681, University Library of Munich, Germany.
    5. Cordelius Ilgmann & Martin Menner, 2011. "Negative nominal interest rates: history and current proposals," International Economics and Economic Policy, Springer, vol. 8(4), pages 383-405, December.
    6. Ferraris, Leo & Watanabe, Makoto, 2008. "Collateral secured loans in a monetary economy," Journal of Economic Theory, Elsevier, vol. 143(1), pages 405-424, November.
    7. Huberto M. Ennis, 2005. "Avoiding the inflation tax," Working Paper 05-10, Federal Reserve Bank of Richmond.
    8. Han, Han & Julien, Benoît & Petursdottir, Asgerdur & Wang, Liang, 2019. "Asset liquidity and indivisibility," European Economic Review, Elsevier, vol. 119(C), pages 236-250.
    9. Samuel Erasmus ALNAA & Juabin MATEY, 2024. "Assessing the Effects of Macroeconomic Variables on Economic Welfare in Ghana," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 9(1), pages 138-157, February.
    10. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    11. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2018. "An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment," NBER Working Papers 25220, National Bureau of Economic Research, Inc.
    12. Berentsen, Aleksander & Camera, Gabriele & Waller, Christopher, 2007. "Money, credit and banking," Journal of Economic Theory, Elsevier, vol. 135(1), pages 171-195, July.
    13. Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
    14. Telyukova, Irina A. & Visschers, Ludo, 2009. "Precautionary Demand for Money in a Monetary Business Cycle Model," MPRA Paper 15622, University Library of Munich, Germany.
    15. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    16. Anbarci, Nejat & Dutu, Richard & Feltovich, Nick, 2015. "Inflation tax in the lab: a theoretical and experimental study of competitive search equilibrium with inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 61(C), pages 17-33.
    17. Gu, Chao & Wright, Randall, 2016. "Monetary mechanisms," Journal of Economic Theory, Elsevier, vol. 163(C), pages 644-657.
    18. Hiraguchi, Ryoji & Kobayashi, Keiichiro, 2025. "Inflation and entry costs in a monetary search model," Journal of Macroeconomics, Elsevier, vol. 83(C).
    19. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014. "Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
    20. Richard Dutu & Benoit Julien & Ian King, 2009. "Liquidity Constrained Competing Auctions," Department of Economics - Working Papers Series 1068, The University of Melbourne.
    21. Hiraguchi, Ryoji & Kobayashi, Keiichiro, 2014. "On the optimality of the Friedman rule in a New Monetarist model," Economics Letters, Elsevier, vol. 125(1), pages 57-60.
    22. Han, Han & Julien, Benoît & Petursdottir, Asgerdur & Wang, Liang, 2016. "Equilibrium using credit or money with indivisible goods," Journal of Economic Theory, Elsevier, vol. 166(C), pages 152-163.
    23. Aleksander Berentsen & Christopher Waller, 2008. "Outside Versus Inside Bonds," IEW - Working Papers 372, Institute for Empirical Research in Economics - University of Zurich.
    24. Silva, Mario, 2017. "New monetarism with endogenous product variety and monopolistic competition," Journal of Economic Dynamics and Control, Elsevier, vol. 75(C), pages 158-181.
    25. K. Vela Velupillai, 2008. "The Mathematization of Macroeconomics: A Recursive Revolution," Department of Economics Working Papers 0807, Department of Economics, University of Trento, Italia.
    26. Kee-Youn Kang, 2019. "Central Bank purchases of private assets: An evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 326-346, January.
    27. Aleksander Berentsen & Christopher Waller, 2009. "Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies," IEW - Working Papers 443, Institute for Empirical Research in Economics - University of Zurich.
    28. Branch, William & McGough, Bruce, 2016. "Heterogeneous beliefs and trading inefficiencies," Journal of Economic Theory, Elsevier, vol. 163(C), pages 786-818.
    29. Schüder, Stefan, 2011. "Monetary policy trade-offs in a portfolio model with endogenous asset supply," MPRA Paper 32019, University Library of Munich, Germany.
    30. Choi, Michael & Rocheteau, Guillaume, 2023. "A model of retail banking and the deposits channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 127-147.
    31. Zaidi, Syed Anees Haider & Ashraf, Rana Umair & Hassan, Taimoor, 2024. "Effects of globalization and financial inclusion on energy intensity: The case of emerging economies," Energy, Elsevier, vol. 306(C).
    32. Narayana R. Kocherlakota, 2005. "Optimal monetary policy: what we know and what we don’t know," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 29(Oct), pages 10-19.
    33. Bajaj, Ayushi & Hu, Tai-Wei & Rocheteau, Guillaume & Silva, Mario Rafael, 2017. "Decentralizing constrained-efficient allocations in the Lagos–Wright pure currency economy," Journal of Economic Theory, Elsevier, vol. 167(C), pages 1-13.
    34. Dixon, Huw & Pourpourides, Panayiotis M., 2016. "On imperfect competition with occasionally binding cash-in-advance constraints," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 72-85.
    35. Guillaume Rocheteau, 2011. "The cost of inflation: a mechanism design approach," Working Papers (Old Series) 1103, Federal Reserve Bank of Cleveland.
    36. Tai-wei Hu & John Kennan & Neil Wallace, 2007. "Coalition-Proof Trade and the Friedman Rule in the Lagos-Wright Model," NBER Working Papers 13310, National Bureau of Economic Research, Inc.
    37. Ennis, Huberto M., 2008. "Search, money, and inflation under private information," Journal of Economic Theory, Elsevier, vol. 138(1), pages 101-131, January.
    38. Stefan Schüder, 2011. "Monetary Policy Trade-Offs in a Portfolio Model with Endogenous Asset Supply," EcoMod2011 3024, EcoMod.
    39. Tsz-Nga Wong & Pierre-Olivier Weill & Guillaume Rocheteau, 2015. "Long-Run and Short-Run Effects of Money Injections," 2015 Meeting Papers 793, Society for Economic Dynamics.
    40. Janiak, Alexandre & Santos Monteiro, Paulo, "undated". "Inflation and welfare in long-run equilibrium with firm dynamics," Economic Research Papers 271290, University of Warwick - Department of Economics.
    41. Tao Peng, 2012. "A Note on the implementation of the Pareto efficient allocation in the Lagos-Wright model," Economics Bulletin, AccessEcon, vol. 32(1), pages 27-36.
    42. Guillaume Rocheteau & Tai-Wei Hu & Lucie Lebeau & Younghwan In, 2021. "Gradual Bargaining in Decentralized Asset Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 72-109, October.
    43. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    44. Aleksander Berentsen & Christopher J. Waller, 2009. "Optimal stabilization policy with endogenous firm entry," Working Papers 2009-032, Federal Reserve Bank of St. Louis.
    45. Stephen D. Williamson & Randall Wright, 2010. "New monetarist economics: methods," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
    46. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    47. Menzio, Guido & Shi, Shouyong & Sun, Hongfei, 2013. "A monetary theory with non-degenerate distributions," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2266-2312.
    48. Ed Nosal & Christopher J. Waller & Randall Wright, 2010. "Introduction to the macroeconomic dynamics: special issues on money, credit, and liquidity," Working Paper Series WP-2010-14, Federal Reserve Bank of Chicago.
    49. Fernando Martin, 2009. "On the Joint Determination of Fiscal and Monetary Policy," Discussion Papers dp09-01, Department of Economics, Simon Fraser University.
    50. Lee, Manjong, 2014. "Constrained or unconstrained price for debit card payment?," Journal of Macroeconomics, Elsevier, vol. 41(C), pages 53-65.
    51. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    52. Lucy Qian Liu & Liang Wang & Randall Wright, 2009. "“On the ‘Hot Potato Effect’ of Inflation: Intensive versus Extensive Marginsâ€," PIER Working Paper Archive 09-040, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    53. Andolfatto, David, 2007. "Essential Interest-Bearing Money," MPRA Paper 4780, University Library of Munich, Germany.
    54. Choi, Hyung Sun & Kwon, Ohik & Lee, Manjong, 2016. "Inflation, credit, and indexed unit of account," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 144-154.
    55. Richard Dutu & Benoit Julien & Ian King, 2012. "On the Welfare Gains of Price Dispersion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(5), pages 757-786, August.
    56. Dong, Mei & Jiang, Janet Hua, 2014. "Money and price posting under private information," Journal of Economic Theory, Elsevier, vol. 150(C), pages 740-777.
    57. Janet Hua Jiang & Enchuan Shao, 2020. "The Cash Paradox," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 177-197, April.
    58. Wong, Tsz-Nga, 2016. "Monetary exchange and the irreducible cost of inflation," Journal of Economic Theory, Elsevier, vol. 164(C), pages 218-229.
    59. Stella Xiuhua Huangfu, 2018. "The Effects of Inflation on Market Participation and Search Intensity," The Economic Record, The Economic Society of Australia, vol. 94(304), pages 25-38, March.
    60. Choi, Michael & Rocheteau, Guillaume, 2024. "Foundations of market power in monetary economies," Journal of Economic Theory, Elsevier, vol. 222(C).
    61. Díaz, Antonia & Jerez, Belén & Rincón-Zapatero, Juan Pablo, 2019. "Housing Prices and Credit Constraints in Competitive Search," UC3M Working papers. Economics 28874, Universidad Carlos III de Madrid. Departamento de Economía.
    62. Quamrul Ashraf & Boris Gershman & Peter Howitt, 2011. "How Inflation Affects Macroeconomic Performance: An Agent-Based Computational Investigation," Department of Economics Working Papers 2013-12, Department of Economics, Williams College, revised Mar 2014.
    63. Schüder, Stefan, 2014. "Expansive monetary policy in a portfolio model with endogenous asset supply," Economic Modelling, Elsevier, vol. 41(C), pages 239-252.
    64. Kim, Young Sik & Lee, Manjong, 2017. "Money, unit of account, and nominal rigidity," Economics Letters, Elsevier, vol. 160(C), pages 59-63.

  29. Guillaume Rocheteau & Ricardo Lagos, 2004. "Superneutrality and the welfare effects of inflation," 2004 Meeting Papers 93, Society for Economic Dynamics.

    Cited by:

    1. Guillaume Rocheteau & Randall Wright, 2003. "Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium," PIER Working Paper Archive 03-031, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    2. Brian Peterson & Shouyong Shi, 2006. "Money, Price Dispersion and Welfare," Working Papers tecipa-191, University of Toronto, Department of Economics.
    3. Guillaume Rocheteau & Randall Wright, 2003. "Inflation and Welfare in Models with Trading Frictions," PIER Working Paper Archive 03-032, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

  30. Kenneth Burdett & Ricardo Lagos & Randall Wright, 2003. "An On-the-Job Search Model of Crime, Inequality, and Unemployment," PIER Working Paper Archive 03-030, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

    Cited by:

    1. Dustmann, Christian & Mertz, Mikkel & Okatenko, Anna, 2023. "Neighbourhood Gangs, Crime Spillovers, and Teenage Motherhood," IZA Discussion Papers 16158, IZA Network @ LISER.
    2. Jiancai Pi & Pengqing Zhang, 2020. "Organized crime and wage inequality," Scottish Journal of Political Economy, Scottish Economic Society, vol. 67(3), pages 344-361, July.
    3. Cysne, Rubens Penha & Turchick, David, 2012. "Equilibrium unemployment-inequality correlation," Journal of Macroeconomics, Elsevier, vol. 34(2), pages 454-469.
    4. Takuma Kunieda & Masashi Takahashi, 2019. "Inequality and Institutional Quality in a Growth Model," Discussion Paper Series 198, School of Economics, Kwansei Gakuin University.
    5. Ignacio Munyo, 2015. "The Juvenile Crime Dilemma," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 201-211, April.
    6. Gaumont, Damien & Schindler, Martin & Wright, Randall, 2006. "Alternative theories of wage dispersion," European Economic Review, Elsevier, vol. 50(4), pages 831-848, May.
    7. Thomas Bassetti & Luca Corazzini & Darwin Cortes & Luca Nunziata, 2013. "Do Immigrants Make Us Safer? A Model on Crime, Immigration and the Labor Market," "Marco Fanno" Working Papers 0121, Dipartimento di Scienze Economiche "Marco Fanno".
    8. Aysit Tansel & H. Mehmet Tasci, 2009. "Hazard Analysis of Unemployment Duration by Gender in a Developing Country: The Case of Turkey," ERC Working Papers 0903, ERC - Economic Research Center, Middle East Technical University, revised Oct 2009.
    9. Povilas Lastauskas & Eirini Tatsi, 2017. "Spatial Nexus in Crime and Unemployement in Times of Crisis," Bank of Lithuania Working Paper Series 39, Bank of Lithuania.
    10. Verdier, Thierry & Zenou, Yves & Calvó-Armengol, Antoni, 2006. "Strong and Weak Ties in Employment and Crime," CEPR Discussion Papers 5448, Centre for Economic Policy Research.
    11. Nobuhiro Kiyotaki & Ricardo Lagos, 2006. "A model of job and worker flows," Staff Report 358, Federal Reserve Bank of Minneapolis.
    12. Antonella Mancino, M., 2025. "Rehabilitating futures: Assessing the effects of correctional employment-focused programs on recidivism and employment," European Economic Review, Elsevier, vol. 173(C).
    13. Federico Weinschelbaum & Casilda Lasso de la Vega & Oscar Volij, 2022. "When do more police induce more crime?," Asociación Argentina de Economía Política: Working Papers 4609, Asociación Argentina de Economía Política.
    14. Patacchini, Eleonora & Zenou, Yves, 2008. "The strength of weak ties in crime," European Economic Review, Elsevier, vol. 52(2), pages 209-236, February.
    15. Bulent Guler & Amanda M. Michaud, 2024. "Dynamics of Deterrence: A Macroeconomic Perspective on Punitive Justice Policy," Opportunity and Inclusive Growth Institute Working Papers 101, Federal Reserve Bank of Minneapolis.
    16. Casilda Lasso de la Vega & Oscar Volij & Federico Weinschelbaum, 2021. "Can more police induce more crime?," Working Papers 2107, Ben-Gurion University of the Negev, Department of Economics.
    17. Giovanni Mastrobuoni & Paolo Pinotti, 2011. "Legal status of immigrants and criminal behavior: evidence from a natural experiment," Temi di discussione (Economic working papers) 813, Bank of Italy, Economic Research and International Relations Area.
    18. Ting Zhang, 2016. "Addressing Unobserved Heterogeneity in the Relationship Between Crime and Consumer Confidence," Journal of Quantitative Criminology, Springer, vol. 32(1), pages 47-59, March.
    19. Michael Appiah‐Kubi & Jeneshia Jarrett, 2023. "Chinese aid and crime: Evidence from Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 35(7), pages 1619-1647, October.
    20. Vikram Maheshri & Giovanni Mastrobuoni, 2018. "Do Security Measures Displace Crime? Theory and Evidence from Italian Bank Robberies," Carlo Alberto Notebooks 579, Collegio Carlo Alberto.
    21. Bindler, Anna, 2016. "Still unemployed, what next? Crime and unemployment duration," Working Papers in Economics 660, University of Gothenburg, Department of Economics.
    22. Kenneth Burdett & Ricardo Lagos & Randall Wright, 2003. "Crime, Inequality, and Unemployment," American Economic Review, American Economic Association, vol. 93(5), pages 1764-1777, December.
    23. Raffaella Barone & Donato Masciandaro & Friedrich Schneider, 2022. "Corruption and money laundering: You scratch my back, i’ll scratch yours," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 318-342, February.
    24. Ma, Hong & Xu, Mingzhi & You, Wei & Feng, Jinmei, 2026. "Keeping an eye on the villain: Assessing the impact of surveillance cameras on crime," Journal of Development Economics, Elsevier, vol. 178(C).
    25. Daniela-Emanuela Danacica, 2018. "Labor Market Insertion Of Higher Educated People – A Literature Review," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 138-145, December.
    26. Donato Masciandaro, Francesco Passarelli, 2011. "Financial Systemic Risk: Taxation or Regulation?," ISLA Working Papers 41, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy.
    27. Aribah Aslam & Uzair Mushtaq & Ghulam Ghouse & Rabeeya Raoof, 2025. "Corruption and Happiness: Fortune or Evil?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 5693-5713, March.
    28. Bruno Decreuse & Steeve Mongrain & Tanguy van Ypersele, 2022. "Property crime and private protection allocation within cities: Theory and evidence," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1142-1163, July.
    29. Susumu Imai & Hajime Katayama & Kala Krishna, 2006. "Crime and Young Men: The Role of Arrest, Criminal Experience, and Heterogeneity," NBER Working Papers 12221, National Bureau of Economic Research, Inc.
    30. Baumann, Florian & Friehe, Tim, 2015. "Status concerns as a motive for crime?," International Review of Law and Economics, Elsevier, vol. 43(C), pages 46-55.
    31. Magaly Faride Herrera Giraldo & Carlos Giovanni GonzÔøΩlez Espitia, 2022. "Understanding the Spatial Relationship Between the Informal Labor Market and Violent Crime in Cali, Colombia," Icesi Economics Working Papers 20344, Universidad Icesi.
    32. Christine Braun, 2019. "Crime and the minimum wage," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 122-152, April.
    33. Bethencourt, Carlos & Kunze, Lars, 2022. "The economics of crime and socialization: The role of the family," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 579-597.
    34. Songman Kang, 2016. "Inequality and crime revisited: effects of local inequality and economic segregation on crime," Journal of Population Economics, Springer;European Society for Population Economics, vol. 29(2), pages 593-626, April.
    35. Nezih Guner & Christopher Rauh & Elizabeth Caucutt, 2017. "Is Marriage for White People? Incarceration and the Racial Marriage Divide," 2017 Meeting Papers 779, Society for Economic Dynamics.
    36. Compton, Andrew, 2019. "Decomposing the Societal Opportunity Costs of Property Crime," MPRA Paper 97002, University Library of Munich, Germany.
    37. Yu Jiang & H. Holly Wang & Shaosheng Jin, 2023. "Mobilising the public to fight poverty using anti‐poverty labels in online food markets: Evidence from a real experimental auction," Journal of Agricultural Economics, Wiley Blackwell, vol. 74(1), pages 168-190, February.
    38. Shiyun Zhang, 2022. "Immigration and Crime in Frictional Labor Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 152-183, April.
    39. Montolio, Daniel, 2018. "The effects of local infrastructure investment on crime," Labour Economics, Elsevier, vol. 52(C), pages 210-230.
    40. Chau, Nancy H., 2016. "On sweatshop jobs and decent work," Journal of Development Economics, Elsevier, vol. 121(C), pages 120-134.
    41. Thomas Bassetti, Luca Corazzini, Darwin Cortes, 2010. "Crime, Immigration and the Labor Market: A General Equilibrium Model," ISLA Working Papers 38, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy.
    42. David B. Mustard, 2010. "Labor Markets and Crime: New Evidence on an Old Puzzle," Chapters, in: Bruce L. Benson & Paul R. Zimmerman (ed.), Handbook on the Economics of Crime, chapter 14, Edward Elgar Publishing.
    43. Ali, Amjad & Bibi, Chan, 2020. "Public Policies, Socio-Economic Environment and Crimes in Pakistan: A Time Series Analysis," MPRA Paper 100216, University Library of Munich, Germany.
    44. Kangoh Lee, 2018. "Unemployment and crime: the role of apprehension," European Journal of Law and Economics, Springer, vol. 45(1), pages 59-80, February.
    45. Tian, Hao & Wang, Da & Guan, Yunfang & Li, Xiaotong, 2025. "Climate risk, social resilience and crime rates," Energy Economics, Elsevier, vol. 152(C).
    46. Pengfei Jia & King Yoong Lim & Ali Raza, 2020. "Crime, different taxation, police spending and embodied human capital," Manchester School, University of Manchester, vol. 88(5), pages 664-698, September.
    47. Justin McCrary, 2010. "Dynamic Perspectives on Crime," Chapters, in: Bruce L. Benson & Paul R. Zimmerman (ed.), Handbook on the Economics of Crime, chapter 4, Edward Elgar Publishing.
    48. Zenou, Yves & Patacchini, Eleonora, 2009. "Juvenile Delinquency and Conformism," CEPR Discussion Papers 7565, Centre for Economic Policy Research.
    49. Cracolici, Maria Francesca & Uberti, Teodora Erika, 2008. "Geographical Distribution of Crime in Italian Provinces: A Spatial Econometric Analysis," Knowledge, Technology, Human Capital Working Papers 6381, Fondazione Eni Enrico Mattei (FEEM).
    50. López Cruz, Iván G., 2019. "Policing, schooling and human capital accumulation," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 572-597.
    51. Zhu, Xiaoquan & Peng, Hongfeng & Zhang, Zijian, 2020. "The nexus of judicial efficiency, social burden and default risk: Cross-country evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 68(C).
    52. Calvó-Armengol, Antoni & Zenou, Yves, 2003. "Social Networks and Crime Decisions: The Role of Social Structure in Facilitating Delinquent Behavior," Working Paper Series 601, Research Institute of Industrial Economics.
    53. Bonilla, Roberto, 2009. "Equilibria in a model with a search labour market and a matching marriage market," MPRA Paper 15881, University Library of Munich, Germany.
    54. Zhang, Shiyun, 2026. "Impacts of criminal records on labor market outcomes: Theoretical and empirical evidence from Denmark," Labour Economics, Elsevier, vol. 100(C).
    55. Carol Gao & Jorge Vásquez, 2025. "Optimal policing with (and without) criminal search," Review of Economic Design, Springer;Society for Economic Design, vol. 29(2), pages 213-244, June.
    56. Jiancai Pi & Pengqing Zhang, 2017. "Social conflict and wage inequality," Journal of Economics, Springer, vol. 121(1), pages 29-49, May.
    57. Pengfei Jia & King Yoong Lim, 2021. "The stabilization role of police spending in a neo‐Keynesian economy with credit market imperfections," Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(1), pages 103-125, February.
    58. Manash Ranjan Gupta & Priya Brata Dutta, 2024. "Crime, efficiency of labour and trade: a theoretical analysis," Indian Economic Review, Springer, vol. 59(1), pages 105-136, June.
    59. Juin-jen Chang & Chi-Hsin Wu, 2012. "Crime, Job Searches, and Economic Growth," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 40(1), pages 3-19, March.
    60. Kangoh Lee & Santiago M. Pinto, 2009. "Crime In A Multi‐Jurisdictional Model With Private And Public Prevention," Journal of Regional Science, Wiley Blackwell, vol. 49(5), pages 977-996, December.
    61. Antonio Merlo, 2004. "Introduction To Economic Models Of Crime," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(3), pages 677-679, August.
    62. Silvia Fedeli & Vitantonio Mariella & Marco Onofri, 2018. "Determinants of Joblessness During the Economic Crisis: Impact of Criminality in the Italian Labour Market," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 139(2), pages 559-588, September.
    63. Persson, Mats & Siven, Claes-Henric, 2006. "The Becker Paradox and Type I vs. Type II Errors in the Economics of Crime," Research Papers in Economics 2006:1, Stockholm University, Department of Economics.
    64. Ahmadiani, Mona & Ferreira, Susana, 2019. "Environmental amenities and quality of life across the United States," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    65. Songman Kang, 2016. "Inequality and crime revisited: effects of local inequality and economic segregation on crime," Journal of Population Economics, Springer;European Society for Population Economics, vol. 29(2), pages 593-626, April.
    66. Te‐Tsun Chang & Yiting Li, 2011. "A Macroeconomic Model On The Quality Of Government And Economic Performance," Economic Inquiry, Western Economic Association International, vol. 49(1), pages 174-184, January.
    67. Bryan Engelhardt, 2008. "The Effect of Employment Frictions on Crime: Theory and Estimation," Working Papers 0805, College of the Holy Cross, Department of Economics.
    68. Leong, Kaiwen & Li, Huailu & Xu, Haibo, 2018. "Exploiting the Unbanked: Evidence from Singapore's Unlicensed Moneylending Market," IZA Discussion Papers 11786, IZA Network @ LISER.
    69. Yuki Otsu, 2016. "Crime, Search, and Ex-offenders’ Accessibility to Labor Markets," LABOUR, CEIS, vol. 30(4), pages 393-414, December.
    70. Lasso de la Vega, Casilda & Volij, Oscar & Weinschelbaum, Federico, 2021. "Theft in equilibrium," European Economic Review, Elsevier, vol. 139(C).
    71. Grote, Ulrike & Nguyen, Thanh-Tung & Nguyen, Trung Thanh & Neubacher, Frank, 2024. "Determinants and impacts of rural crime victimization: Evidence from a case study in Southeast Asia," Journal of Asian Economics, Elsevier, vol. 91(C).
    72. Giovanni Mastrobuoni & Paolo Pinotti, 2011. "Migration Restrictions and Criminal Behavior: Evidence from a Natural Experiment," Working Papers 2011.53, Fondazione Eni Enrico Mattei.
    73. Olga Ivanova & d'Artis Kancs & Dirk Stelder, 2009. "Modelling Inter-Regional Trade Flows: Data and Methodological Issues in Rhomolo," EERI Research Paper Series EERI RP 2009/31, Economics and Econometrics Research Institute (EERI), Brussels.
    74. Otsu, Yuki & Yuen, C.Y. Kelvin, 2022. "Health, crime, and the labor market: Theory and policy analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    75. Daniela Emanuela DĂNĂCICĂ, 2023. "The Effect of Academic Specialization on Unemployment Spells and (Re) Employment Hazard of Highly Educated Individuals in Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 91-106, March.
    76. Watanabe, Minoru & Miyake, Yusuke & Yasuoka, Masaya, 2018. "Unemployment, Income Growth and Social Security," MPRA Paper 86155, University Library of Munich, Germany.
    77. Lee, Kangoh, 2015. "Federalism, guns, and jurisdictional gun policies," Regional Science and Urban Economics, Elsevier, vol. 52(C), pages 141-153.
    78. Jones, Benjamin A., 2022. "Dust storms and violent crime," Journal of Environmental Economics and Management, Elsevier, vol. 111(C).
    79. Moein Mirani Ahangarkolaei & Eser Demir & Tolga Constantinou & Mostafa Toranji & Tadashi Adino & Nasrin Tavassoli & Atefeh Noghani, 2021. "The Buffering Effects of Social Insurance for the Spread of Covid-19," Information Management and Business Review, AMH International, vol. 12(4), pages 19-27.
    80. Miyagiwa, Kaz & Wan, Yunyun, 2026. "Immigration enforcement and minimum wage policy in a search-theoretic model of crime and unemployment," Japan and the World Economy, Elsevier, vol. 78(C).
    81. Cohen, Nissim & Rubinchik, Anna & Shami, Labib, 2020. "Towards a cashless economy: Economic and socio-political implications," European Journal of Political Economy, Elsevier, vol. 61(C).
    82. Magaly Faride Herrera Giraldo & Carlos Giovanni González Espitia & Héctor Ochoa Díaz, 2023. "The spatial and economic relationship between labour informality and homicides in Cali, Colombia," Development Policy Review, Overseas Development Institute, vol. 41(5), September.
    83. Akerlund, David & Golsteyn, Bart H.H. & Grönqvist, Hans & Lindahl, Lena, 2014. "Time Preferences and Criminal Behavior," IZA Discussion Papers 8168, IZA Network @ LISER.

  31. Ricardo Lagos & Randall Wright, 2002. "Dynamics, cycles and sunspot equilibria in "genuinely dynamic, fundamentally disaggregative" models of money," Working Papers (Old Series) 0210, Federal Reserve Bank of Cleveland.

    Cited by:

    1. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    2. Hiraguchi, Ryoji & Kobayashi, Keiichiro, 2015. "Multiplicity of monetary steady states," Economics Letters, Elsevier, vol. 127(C), pages 93-96.
    3. Kazuya Kamiya & So Kubota & Kayuna Nakajima, 2017. "Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies," The Japanese Economic Review, Springer, vol. 68(4), pages 497-520, December.
    4. Daniel Sanches, 2016. "On the Inherent Instability of Private Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 198-214, April.
    5. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    6. Ricardo Lagos & Guillaume Rocheteau, 2004. "Inflation, output and welfare," Staff Report 342, Federal Reserve Bank of Minneapolis.
    7. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2015. "Working through the Distribution: Money in the Short and Long Run," NBER Working Papers 21779, National Bureau of Economic Research, Inc.
    8. Thorsten Hens & Klaus Reiner Schenk‐Hoppé & Bodo Vogt, 2007. "The Great Capitol Hill Baby Sitting Co‐op: Anecdote or Evidence for the Optimum Quantity of Money?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(6), pages 1305-1333, September.
    9. Irina A. Telyukova & Randall Wright, 2007. "A model of money and credit, with application to the credit card debt puzzle," Working Papers (Old Series) 0711, Federal Reserve Bank of Cleveland.
    10. Jesus Fernandez-Villaverde & Daniel Sanches, 2016. "Can Currency Competition Work?," PIER Working Paper Archive 16-008, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Apr 2016.
    11. S. Boragan Aruoba & Randall Wright, 2002. "Search, Money and Capital: A Neoclassical Dichotomy, Second Version," PIER Working Paper Archive 03-028, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Sep 2003.
    12. Athanasios Geromichalos & Juan M Licari & Jose Suarez-Lledo, 2007. "Monetary Policy and Asset Prices," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 10(4), pages 761-779, October.
    13. Alexei Deviatov, 2006. "Money Creation in a Random Matching Model," Working Papers w0081, Center for Economic and Financial Research (CEFIR).
    14. S. Boragan Aruoba & Randall Wright, 2002. "Search, money and capital: a neoclassical dichotomy," Working Papers (Old Series) 0208, Federal Reserve Bank of Cleveland.
    15. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    16. Guillaume Rocheteau & Randall Wright, 2003. "Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium," PIER Working Paper Archive 03-031, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    17. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    18. Jesús Fernández-Villaverde & Daniel R. Sanches, 2024. "Price-Level Determination Under the Gold Standard," Working Papers 24-06, Federal Reserve Bank of Philadelphia.
    19. Robert Kirkby, 2018. "Cryptocurrencies and Digital Fiat Currencies," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 527-539, December.
    20. John Barrdear & Michael Kumhof, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England Staff Working Paper series 605, Bank of England.
    21. Lagos, Ricardo, 2010. "Some results on the optimality and implementation of the Friedman rule in the Search Theory of Money," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1508-1524, July.
    22. Wright, Randall, 2010. "A uniqueness proof for monetary steady state," Journal of Economic Theory, Elsevier, vol. 145(1), pages 382-391, January.
    23. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    24. Branch, William & McGough, Bruce, 2016. "Heterogeneous beliefs and trading inefficiencies," Journal of Economic Theory, Elsevier, vol. 163(C), pages 786-818.
    25. Rocheteau, Guillaume & Rupert, Peter & Wright, Randall, 2007. "Inflation and Unemployment in General Equilibrium," University of California at Santa Barbara, Economics Working Paper Series qt2fq1855f, Department of Economics, UC Santa Barbara.
    26. Rocheteau, Guillaume & Wang, Lu, 2023. "Endogenous liquidity and volatility," Journal of Economic Theory, Elsevier, vol. 210(C).
    27. Berentsen, Aleksander & Waller, Christopher, 2018. "Liquidity premiums on government debt and the fiscal theory of the price level," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 173-182.
    28. Camera, Gabriele & Chien, YiLi, 2013. "Two monetary models with alternating markets," SAFE Working Paper Series 33, Leibniz Institute for Financial Research SAFE.
    29. Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis.
    30. Iwasaki, Kohei, 2024. "Credibility of central banks in monetary economies," Economics Letters, Elsevier, vol. 243(C).
    31. Dixon, Huw & Pourpourides, Panayiotis M., 2016. "On imperfect competition with occasionally binding cash-in-advance constraints," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 72-85.
    32. Marco Airaudo, 2016. "Endogenous Stock Price Fluctuations with Dynamic Self-Control Preferences," School of Economics Working Paper Series 2016-2, LeBow College of Business, Drexel University.
    33. Enrique L. Kawamura, 2004. "Exchange Rate Regimes, Monetary Policy and Banking Performance in Economies with Cash Constraints. Chang and Velasco Revisited," Working Papers 66, Universidad de San Andres, Departamento de Economia, revised Jan 2004.
    34. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    35. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    36. Rocheteau, Guillaume & Rupert, Peter & Shell, Karl & Wright, Randall, 2008. "General equilibrium with nonconvexities and money," Journal of Economic Theory, Elsevier, vol. 142(1), pages 294-317, September.
    37. Enrique L. Kawamura, 2003. "Diamond-Dybvig Banks in Two-Good, Two-Currencies, Small Open Economies with Cash-in-Advance Constraints," Working Papers 57, Universidad de San Andres, Departamento de Economia, revised Jan 2004.
    38. Peck, James & Spear, Stephen E., 2003. "Introduction to a Festschrift for Karl Shell," Journal of Economic Theory, Elsevier, vol. 109(2), pages 153-155, April.
    39. Oberfield, Ezra & Trachter, Nicholas, 2012. "Commodity money with frequent search," Journal of Economic Theory, Elsevier, vol. 147(6), pages 2332-2356.
    40. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    41. Jesús Fernández‐Villaverde, 2018. "Cryptocurrencies: A Crash Course in Digital Monetary Economics," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 514-526, December.
    42. Vyacheslav Arbuzov & Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2024. "Endogenous Cycles in Collateralized Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 627-646, March.
    43. Yu Zhu & Scott Hendry, 2019. "A Framework for Analyzing Monetary Policy in an Economy with E-money," Staff Working Papers 19-1, Bank of Canada.
    44. Branch, William A., 2016. "Imperfect knowledge, liquidity and bubbles," Journal of Economic Dynamics and Control, Elsevier, vol. 62(C), pages 17-42.
    45. KiHoon Hong & Kyounghoon Park & Jongmin Yu, 2017. "Crowding out in a Dual Currency Regime? Digital versus Fiat Currency," Working Papers 2017-13, Economic Research Institute, Bank of Korea.
    46. Franck Portier & Dana Galizia & Paul Beaudry, 2016. "Reviving the limit cycle view of macroeconomic fluctuations," 2016 Meeting Papers 52, Society for Economic Dynamics.
    47. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.
    48. Ferraris, Leo & Watanabe, Makoto, 2011. "Collateral fluctuations in a monetary economy," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1915-1940, September.

  32. Kenneth Burdett & Ricardo Lagos & Randall Wright, 2002. "Crime, Inequality, and Unemployment, Second Version," PIER Working Paper Archive 03-029, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Sep 2003.

    Cited by:

    1. Manolis Galenianos & Rosalie Liccardo Pacula & Nicola Persico, 2009. "A Search-Theoretic Model of the Retail Market for Illicit Drugs," NBER Working Papers 14980, National Bureau of Economic Research, Inc.
    2. Jiancai Pi & Pengqing Zhang, 2020. "Organized crime and wage inequality," Scottish Journal of Political Economy, Scottish Economic Society, vol. 67(3), pages 344-361, July.
    3. Takuma Kunieda & Masashi Takahashi, 2019. "Inequality and Institutional Quality in a Growth Model," Discussion Paper Series 198, School of Economics, Kwansei Gakuin University.
    4. Ignacio Munyo, 2015. "The Juvenile Crime Dilemma," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(2), pages 201-211, April.
    5. Gaumont, Damien & Schindler, Martin & Wright, Randall, 2006. "Alternative theories of wage dispersion," European Economic Review, Elsevier, vol. 50(4), pages 831-848, May.
    6. Long, Iain W. & Polito, Vito, 2015. "Cash-in-Hand, Benefit Fraud and Unemployment Insurance," Cardiff Economics Working Papers E2015/4, Cardiff University, Cardiff Business School, Economics Section.
    7. Thomas Bassetti & Luca Corazzini & Darwin Cortes & Luca Nunziata, 2013. "Do Immigrants Make Us Safer? A Model on Crime, Immigration and the Labor Market," "Marco Fanno" Working Papers 0121, Dipartimento di Scienze Economiche "Marco Fanno".
    8. Kolm, Ann-Sofie & Larsen, Birthe, 2004. "Does tax evasion affect unemployment and educational choice?," Working Paper Series 2004:4, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    9. Baumann, Florian & Friehe, Tim, 2013. "Status concerns as a motive for crime?," DICE Discussion Papers 93, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    10. Aysit Tansel & H. Mehmet Tasci, 2009. "Hazard Analysis of Unemployment Duration by Gender in a Developing Country: The Case of Turkey," ERC Working Papers 0903, ERC - Economic Research Center, Middle East Technical University, revised Oct 2009.
    11. Verdier, Thierry & Zenou, Yves & Calvó-Armengol, Antoni, 2006. "Strong and Weak Ties in Employment and Crime," CEPR Discussion Papers 5448, Centre for Economic Policy Research.
    12. Zenou, Yves & Calvó-Armengol, Antoni & Ballester, Coralio, 2009. "Delinquent Networks," CEPR Discussion Papers 7293, Centre for Economic Policy Research.
    13. Kolml, Ann-Sofie & Larsen, Birthe, 2010. "The Black Economy and Education," Research Papers in Economics 2010:3, Stockholm University, Department of Economics.
    14. Antonella Mancino, M., 2025. "Rehabilitating futures: Assessing the effects of correctional employment-focused programs on recidivism and employment," European Economic Review, Elsevier, vol. 173(C).
    15. Federico Weinschelbaum & Casilda Lasso de la Vega & Oscar Volij, 2022. "When do more police induce more crime?," Asociación Argentina de Economía Política: Working Papers 4609, Asociación Argentina de Economía Política.
    16. Lastauskas, Povilas & Tatsi, Eirini, 2017. "Spatial Nexus in Crime and Unemployment in Times of Crisis," Working Paper Series 2/2017, Stockholm University, Swedish Institute for Social Research.
    17. Patacchini, Eleonora & Zenou, Yves, 2008. "The strength of weak ties in crime," European Economic Review, Elsevier, vol. 52(2), pages 209-236, February.
    18. Bulent Guler & Amanda M. Michaud, 2024. "Dynamics of Deterrence: A Macroeconomic Perspective on Punitive Justice Policy," Opportunity and Inclusive Growth Institute Working Papers 101, Federal Reserve Bank of Minneapolis.
    19. Casilda Lasso de la Vega & Oscar Volij & Federico Weinschelbaum, 2021. "Can more police induce more crime?," Working Papers 2107, Ben-Gurion University of the Negev, Department of Economics.
    20. Vujić Sunčica & Koopman Siem Jan & Commandeur J.F., 2012. "Economic Trends and Cycles in Crime: A Study for England and Wales," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 232(6), pages 652-677, December.
    21. Chang, Juin-Jen & Lu, Huei-Chung & Wang, Ping, 2013. "Search for a theory of organized crimes," European Economic Review, Elsevier, vol. 62(C), pages 130-153.
    22. Giovanni Mastrobuoni & Paolo Pinotti, 2011. "Legal status of immigrants and criminal behavior: evidence from a natural experiment," Temi di discussione (Economic working papers) 813, Bank of Italy, Economic Research and International Relations Area.
    23. Ting Zhang, 2016. "Addressing Unobserved Heterogeneity in the Relationship Between Crime and Consumer Confidence," Journal of Quantitative Criminology, Springer, vol. 32(1), pages 47-59, March.
    24. Bryan Engelhardt & Guillaume Rocheteau & Peter Rupert, 2007. "Crime and the labor market: a search model with optimal contracts," Working Papers (Old Series) 0715, Federal Reserve Bank of Cleveland.
    25. Long, Iain W. & Polito, Vito, 2014. "Unemployment, Crime and Social Insurance," Cardiff Economics Working Papers E2014/9, Cardiff University, Cardiff Business School, Economics Section.
    26. Michael Appiah‐Kubi & Jeneshia Jarrett, 2023. "Chinese aid and crime: Evidence from Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 35(7), pages 1619-1647, October.
    27. Bindler, Anna, 2016. "Still unemployed, what next? Crime and unemployment duration," Working Papers in Economics 660, University of Gothenburg, Department of Economics.
    28. John Smith & Olugbenga Ajilore, 2007. "Ethnic Fragmentation and Police Spending: Social Identity and a Public Good," Departmental Working Papers 200708, Rutgers University, Department of Economics.
    29. Eisenstein, Eric M., 2008. "Identity theft: An exploratory study with implications for marketers," Journal of Business Research, Elsevier, vol. 61(11), pages 1160-1172, November.
    30. Raffaella Barone & Donato Masciandaro & Friedrich Schneider, 2022. "Corruption and money laundering: You scratch my back, i’ll scratch yours," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 318-342, February.
    31. Ma, Hong & Xu, Mingzhi & You, Wei & Feng, Jinmei, 2026. "Keeping an eye on the villain: Assessing the impact of surveillance cameras on crime," Journal of Development Economics, Elsevier, vol. 178(C).
    32. Loureiro, Paulo R.A. & Mendonça, Mário Jorge Cardoso de & Moreira, Tito Belchior Silva & Sachsida, Adolfo, 2009. "Crime, economic conditions, social interactions and family heritage," International Review of Law and Economics, Elsevier, vol. 29(3), pages 202-209, September.
    33. Donato Masciandaro, Francesco Passarelli, 2011. "Financial Systemic Risk: Taxation or Regulation?," ISLA Working Papers 41, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy.
    34. Mustard, David B., 2010. "How Do Labor Markets Affect Crime? New Evidence on an Old Puzzle," IZA Discussion Papers 4856, IZA Network @ LISER.
    35. Bruno Decreuse & Steeve Mongrain & Tanguy van Ypersele, 2022. "Property crime and private protection allocation within cities: Theory and evidence," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1142-1163, July.
    36. Susumu Imai & Hajime Katayama & Kala Krishna, 2006. "Crime and Young Men: The Role of Arrest, Criminal Experience, and Heterogeneity," NBER Working Papers 12221, National Bureau of Economic Research, Inc.
    37. Magaly Faride Herrera Giraldo & Carlos Giovanni GonzÔøΩlez Espitia, 2022. "Understanding the Spatial Relationship Between the Informal Labor Market and Violent Crime in Cali, Colombia," Icesi Economics Working Papers 20344, Universidad Icesi.
    38. Christine Braun, 2019. "Crime and the minimum wage," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 122-152, April.
    39. Bethencourt, Carlos & Kunze, Lars, 2022. "The economics of crime and socialization: The role of the family," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 579-597.
    40. Caruso, Raul, 2008. "Spesa Pubblica E Criminalità Organizzata In Italia Evidenza Empirica Su Dati Panel Nel Periodo 1997-2003," MPRA Paper 6861, University Library of Munich, Germany.
    41. Songman Kang, 2016. "Inequality and crime revisited: effects of local inequality and economic segregation on crime," Journal of Population Economics, Springer;European Society for Population Economics, vol. 29(2), pages 593-626, April.
    42. Nezih Guner & Christopher Rauh & Elizabeth Caucutt, 2017. "Is Marriage for White People? Incarceration and the Racial Marriage Divide," 2017 Meeting Papers 779, Society for Economic Dynamics.
    43. Mercer, D. Evan & Prestemon, Jeffrey P., 2005. "Comparing production function models for wildfire risk analysis in the wildland-urban interface," Forest Policy and Economics, Elsevier, vol. 7(5), pages 782-795, August.
    44. Marceau, Nicolas & Mongrain, Steeve, 2011. "Competition in law enforcement and capital allocation," Journal of Urban Economics, Elsevier, vol. 69(1), pages 136-147, January.
    45. Yu Jiang & H. Holly Wang & Shaosheng Jin, 2023. "Mobilising the public to fight poverty using anti‐poverty labels in online food markets: Evidence from a real experimental auction," Journal of Agricultural Economics, Wiley Blackwell, vol. 74(1), pages 168-190, February.
    46. Shiyun Zhang, 2022. "Immigration and Crime in Frictional Labor Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 152-183, April.
    47. Montolio, Daniel, 2018. "The effects of local infrastructure investment on crime," Labour Economics, Elsevier, vol. 52(C), pages 210-230.
    48. Chau, Nancy H., 2016. "On sweatshop jobs and decent work," Journal of Development Economics, Elsevier, vol. 121(C), pages 120-134.
    49. Thomas Bassetti, Luca Corazzini, Darwin Cortes, 2010. "Crime, Immigration and the Labor Market: A General Equilibrium Model," ISLA Working Papers 38, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy.
    50. Kenneth Burdett & Ricardo Lagos & Randall Wright, 2003. "An On-the-Job Search Model of Crime, Inequality, and Unemployment," PIER Working Paper Archive 03-030, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    51. David B. Mustard, 2010. "Labor Markets and Crime: New Evidence on an Old Puzzle," Chapters, in: Bruce L. Benson & Paul R. Zimmerman (ed.), Handbook on the Economics of Crime, chapter 14, Edward Elgar Publishing.
    52. Kangoh Lee, 2018. "Unemployment and crime: the role of apprehension," European Journal of Law and Economics, Springer, vol. 45(1), pages 59-80, February.
    53. Tian, Hao & Wang, Da & Guan, Yunfang & Li, Xiaotong, 2025. "Climate risk, social resilience and crime rates," Energy Economics, Elsevier, vol. 152(C).
    54. Hunt, Jennifer, 2003. "Teen Births Keep American Crime High," IZA Discussion Papers 757, IZA Network @ LISER.
    55. Raul Caruso, 2009. "Crime and Sport Participation in Itay: Evidence from Panel Data Regional Analysis over the Period 1997-2003.\," Working Papers 0904, International Association of Sports Economists;North American Association of Sports Economists.
    56. Raul Caruso, 2009. "Relational Good at Work! Crime and Sport Participation in Italy. Evidence from Panel Data Regional Analysis over the Period 1997-2003," NCER Working Paper Series 47, National Centre for Econometric Research.
    57. International Monetary Fund, 2005. "Alternative Models of Wage Dispersion," IMF Working Papers 2005/064, International Monetary Fund.
    58. Pengfei Jia & King Yoong Lim & Ali Raza, 2020. "Crime, different taxation, police spending and embodied human capital," Manchester School, University of Manchester, vol. 88(5), pages 664-698, September.
    59. Bandyopadhyay Siddhartha & Chatterjee Kalyan, 2010. "Crime Reporting: Profiling and Neighbourhood Observation," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-24, March.
    60. Conley, John P. & Wang, Ping, 2006. "Crime and ethics," Journal of Urban Economics, Elsevier, vol. 60(1), pages 107-123, July.
    61. Zenou, Yves & Lee, Lung-Fei & Patacchini, Eleonora & Liu, Xiaodong, 2011. "Criminal Networks: Who is the Key Player?," CEPR Discussion Papers 8185, Centre for Economic Policy Research.
    62. Philip A. Curry & Steeve Mongrain, 2007. "Deterrence in Rank-Order Tournaments," Discussion Papers dp07-04, Department of Economics, Simon Fraser University.
    63. Zenou, Yves & Patacchini, Eleonora, 2009. "Juvenile Delinquency and Conformism," CEPR Discussion Papers 7565, Centre for Economic Policy Research.
    64. López Cruz, Iván G., 2019. "Policing, schooling and human capital accumulation," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 572-597.
    65. Zhu, Xiaoquan & Peng, Hongfeng & Zhang, Zijian, 2020. "The nexus of judicial efficiency, social burden and default risk: Cross-country evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 68(C).
    66. Calvó-Armengol, Antoni & Zenou, Yves, 2003. "Social Networks and Crime Decisions: The Role of Social Structure in Facilitating Delinquent Behavior," Working Paper Series 601, Research Institute of Industrial Economics.
    67. Bonilla, Roberto, 2009. "Equilibria in a model with a search labour market and a matching marriage market," MPRA Paper 15881, University Library of Munich, Germany.
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    886. Guillaume Rocheteau, 2008. "Money and competing assets under private information," Working Papers (Old Series) 0802, Federal Reserve Bank of Cleveland.
    887. Nicolas L. Jacquet & Serene Tan, 2011. "Money, Bargaining, and Risk Sharing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 419-442, October.
    888. Daniel Fried, 2017. "Inflation, Default, and the Currency Composition of Sovereign Debt in Emerging Economies: Working Paper 2017-01," Working Papers 52385, Congressional Budget Office.
    889. Brancaccio, Giulia & Kalouptsidi, Myrto & Papageorgiou, Theodore & Rosaia, Nicola, 2020. "Search Frictions and Efficiency in Decentralized Transport Markets," CEPR Discussion Papers 14827, Centre for Economic Policy Research.
    890. Begoña Domínguez & Pedro Gomis‐Porqueras, 2023. "Normalizing the Central Bank's Balance Sheet: Implications for Inflation and Debt Dynamics," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 945-974, June.
    891. Randall Wright & Vaidyanathan (Venky) Venkateswaran, 2012. "Pledgability and Liquidity," 2012 Meeting Papers 601, Society for Economic Dynamics.
    892. Guillaume Rocheteau & Randall Wright, 2003. "Inflation and Welfare in Models with Trading Frictions," PIER Working Paper Archive 03-032, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    893. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    894. L’Huillier, Jean-Paul & Zame, William R., 2022. "Optimally sticky prices: Foundations," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).
    895. Yiting Li & Guillaume Rocheteau, 2008. "On the threat of counterfeiting," Working Papers (Old Series) 0809, Federal Reserve Bank of Cleveland.
    896. Andolfatto, David & Berentsen, Aleksander & Waller, Christopher, 2014. "Optimal disclosure policy and undue diligence," Journal of Economic Theory, Elsevier, vol. 149(C), pages 128-152.
    897. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.
    898. Bouzas, Tulio & Uras, Burak, 2026. "The Price of Traceability: E-Payments, Tax Compliance, and Policy," Other publications TiSEM b35a98be-6600-4dcd-8010-b, Tilburg University, School of Economics and Management.
    899. Christian Bustamante, 2021. "More Money for Some: The Redistributive Effects of Open Market Operations," Staff Working Papers 21-46, Bank of Canada.
    900. Almosova, Anna, 2018. "A Note on Cryptocurrencies and Currency Competition," IRTG 1792 Discussion Papers 2018-006, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    901. Ferraris, Leo & Watanabe, Makoto, 2011. "Collateral fluctuations in a monetary economy," Journal of Economic Theory, Elsevier, vol. 146(5), pages 1915-1940, September.
    902. Gabriele Camera & Yili Chien, 2016. "Two Monetary Models with Alternating Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(5), pages 1051-1064, August.
    903. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
    904. Tai‐Wei Hu & Guillaume Rocheteau, 2015. "Monetary Policy and Asset Prices: A Mechanism Design Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 39-76, June.
    905. Guillaume Rocheteau, 2011. "Discussion of “Information and Liquidity”," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 379-384, October.
    906. Ricardo Reis, 2013. "Central Bank Design," Journal of Economic Perspectives, American Economic Association, vol. 27(4), pages 17-44, Fall.
    907. Jyotsana Kala & Lucie Lebeau & Lu Wang, 2025. "Dynamics of Market Power in Monetary Economies," Working Papers 2501, Federal Reserve Bank of Dallas.
    908. Robert Oleschak, 2021. "Financial inclusion, technology and their impacts on monetary and fiscal policy: theory and evidence," Working Papers 2021-04, Swiss National Bank.
    909. Zvonka, Georgii, 2026. "Tokenization: a potential pathway for Bitcoin’s future," Journal of International Money and Finance, Elsevier, vol. 161(C).
    910. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).
    911. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
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    913. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2014. "Degreasing The Wheels Of Finance," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(3), pages 735-763, August.
    914. Andolfatto, David & Berentsen, Aleksander & Waller, Christopher, 2016. "Monetary policy with asset-backed money," Journal of Economic Theory, Elsevier, vol. 164(C), pages 166-186.
    915. Laing, Derek & Li, Victor E. & Wang, Ping, 2007. "Inflation and productive activity in a multiple-matching model of money," Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1949-1961, October.
    916. Kim, Young Sik & Lee, Manjong, 2017. "Money, unit of account, and nominal rigidity," Economics Letters, Elsevier, vol. 160(C), pages 59-63.
    917. Faig, Miquel, 2008. "Endogenous buyer-seller choice and divisible money in search equilibrium," Journal of Economic Theory, Elsevier, vol. 141(1), pages 184-199, July.
    918. Teng, Jimmy, 2026. "Money as a risk-pooling institution: Diversification under quality uncertainty," Economics Letters, Elsevier, vol. 262(C).
    919. Jonathan Chiu & Emre Ozdenoren & Kathy Yuan & Shengxing Zhang, 2023. "On the Fragility of DeFi Lending," Staff Working Papers 23-14, Bank of Canada.
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    Cited by:

    1. Franco Peracchi & Eliana Viviano, 2004. "An Empirical Micro Matching Model with an Application to Italy and Spain," Temi di discussione (Economic working papers) 538, Bank of Italy, Economic Research and International Relations Area.
    2. Huberto Ennis & Todd Keister, 2000. "Government Policy and Probabilistic Equilibrium Selection," Econometric Society World Congress 2000 Contributed Papers 1148, Econometric Society.
    3. Demirel, Erhan & Ommeren, Jos van & Rietveld, Piet, 2010. "A matching model for the backhaul problem," Transportation Research Part B: Methodological, Elsevier, vol. 44(4), pages 549-561, May.
    4. Arnaud Chéron & Bruno Decreuse, 2014. "Matching with Phantoms," AMSE Working Papers 1423, Aix-Marseille School of Economics, France, revised Apr 2014.
    5. Barbara Petrongolo & Christopher A. Pissarides, 2000. "Looking Into the Black Box: A Survey of the Matching Function," CEP Discussion Papers dp0470, Centre for Economic Performance, LSE.

Articles

  1. Priit Jeenas & Ricardo Lagos, 2024. "Q-Monetary Transmission," Journal of Political Economy, University of Chicago Press, vol. 132(3), pages 971-1012.
    See citations under working paper version above.
  2. Ricardo Lagos & Shengxing Zhang, 2022. "The Limits of ONETARY ECONOMICS: On Money as a Constraint on Market Power," Econometrica, Econometric Society, vol. 90(3), pages 1177-1204, May.

    Cited by:

    1. Alexander Tobón Arias, 2022. "La estructura lógica de la teoría del equilibrio general dinámico estocástico," Borradores Departamento de Economía 20477, Universidad de Antioquia, CIE.
    2. Hemingway, Benjamin, 2025. "The role of central bank digital currency in an increasingly digital economy," Journal of Economic Dynamics and Control, Elsevier, vol. 179(C).
    3. Gabrovski, Miroslav & Geromichalos, Athanasios & Herrenbrueck, Lucas & Kospentaris, Ioannis & Lee, Sukjoon, 2025. "The real effects of financial disruptions in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    4. Choi, Michael & Rocheteau, Guillaume, 2023. "A model of retail banking and the deposits channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 127-147.
    5. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    6. Jiang, Janet Hua & Puzzello, Daniela & Zhang, Cathy, 2023. "Inflation, Output, and Welfare in the Laboratory," European Economic Review, Elsevier, vol. 152(C).
    7. Francisco Rivadeneyra & Scott Hendry & Alejandro García, 2024. "The Role of Public Money in the Digital Age," Discussion Papers 2024-11, Bank of Canada.
    8. Dirk Niepelt, 2025. "Central Bank Digital Currency and Monetary Architecture," Diskussionsschriften dp2509, Universitaet Bern, Departement Volkswirtschaft.
    9. Dirk Niepelt, 2024. "Money and Banking with Reserves and CBDC," Journal of Finance, American Finance Association, vol. 79(4), pages 2505-2552, August.
    10. Hu, Tai-Wei & Li, Yiting & Liu, Yilei, 2025. "Optimal banking regulation and monetary policy," European Economic Review, Elsevier, vol. 178(C).

  3. Ricardo Lagos & Shengxing Zhang, 2020. "Turnover Liquidity and the Transmission of Monetary Policy," American Economic Review, American Economic Association, vol. 110(6), pages 1635-1672, June.
    See citations under working paper version above.
  4. Ricardo Lagos & Shengxing Zhang, 2019. "A Monetary Model of Bilateral Over-the-Counter Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 205-227, July.
    See citations under working paper version above.
  5. Ricardo Lagos & Guillaume Rocheteau & Randall Wright, 2017. "Liquidity: A New Monetarist Perspective," Journal of Economic Literature, American Economic Association, vol. 55(2), pages 371-440, June.

    Cited by:

    1. Athanasios Geromichalos & Lucas Herrenbrueck, 2022. "The Liquidity-Augmented Model of Macroeconomic Aggregates: A New Monetarist DSGE Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 134-167, July.
    2. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    3. Federico Bonetto & Maurizio Iacopetta, 2018. "A Dynamic Analysis of Nash Equilibria in Search Models with Fiat Money," Papers 1805.04733, arXiv.org.
    4. Cardozo, Marcos & Rosokha, Yaroslav & Zhang, Cathy, 2024. "On the emergence of international currencies: An experimental approach," Journal of Economic Behavior & Organization, Elsevier, vol. 228(C).
    5. Xuesong Huang & Todd Keister, 2026. "Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited," Staff Reports 1179, Federal Reserve Bank of New York.
    6. Zoltan Jakab & Michael Kumhof, 2018. "Banks are not intermediaries of loanable funds — facts, theory and evidence," Bank of England Staff Working Paper series 761, Bank of England.
    7. Yicheng Wei & Junzo Watada & Zijin Wang, 2025. "Topology Unveiled: A New Horizon for Economic and Financial Modeling," Mathematics, MDPI, vol. 13(2), pages 1-34, January.
    8. Sophie Pommet & Alexandra Rufini & Dominique Torre, 2024. "The role of lead investors in equity crowdfunding campaigns with a secondary market," Small Business Economics, Springer, vol. 63(1), pages 243-273, June.
    9. Maurizio Iacopetta, 2019. "The emergence of money: a dynamic analysis," Sciences Po Economics Publications (main) hal-03403573, HAL.
    10. Wei Cui & Randall Wright & Yu Zhu, 2022. "Endogenous Liquidity and Capital Reallocation," Staff Working Papers 22-27, Bank of Canada.
    11. Bianchi, Javier & Bigio, Saki, 2026. "Portfolio choice and settlement frictions: A theory of endogenous convenience yields," Journal of Economic Theory, Elsevier, vol. 234(C).
    12. Han, Han & Julien, Benoît & Petursdottir, Asgerdur & Wang, Liang, 2019. "Asset liquidity and indivisibility," European Economic Review, Elsevier, vol. 119(C), pages 236-250.
    13. Seon Tae Kim & Alessandro Marchesiani, 2024. "Market intelligence gathering, asymmetric information, and the instability of money demand," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1216-1245, July.
    14. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Distributed ledgers and the governance of money," BIS Working Papers 924, Bank for International Settlements.
    15. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2018. "An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment," NBER Working Papers 25220, National Bureau of Economic Research, Inc.
    16. Oefele, Nico & Baur, Dirk G. & Smales, Lee A., 2024. "Are stablecoins the money market mutual funds of the future?," Journal of Empirical Finance, Elsevier, vol. 79(C).
    17. Nicola Amendola & Lorenzo Carbonari & Leo Ferraris, 2021. "Three Liquid Assets," CEIS Research Paper 516, Tor Vergata University, CEIS, revised 14 Oct 2021.
    18. Daisuke Ikeda, 2022. "Digital Money as a Medium of Exchange and Monetary Policy in Open Economies," IMES Discussion Paper Series 22-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
    19. Maurizio Iacopetta & Raoul Minetti, 2019. "Asset dynamics, liquidity, and inequality in decentralized markets," Sciences Po Economics Publications (main) hal-03403574, HAL.
    20. Maurizio Iacopetta, 2019. "The emergence of money: a dynamic analysis," Post-Print hal-03403573, HAL.
    21. Davis, Douglas & Korenok, Oleg & Norman, Peter & Sultanum, Bruno & Wright, Randall, 2022. "Playing with money," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1221-1239.
    22. Maurizio Iacopetta, 2021. "Class Di¤erences and the Commercial Revolution: An Equilibrium Selection Story," Sciences Po Economics Publications (main) halshs-03515585, HAL.
    23. Roberto Robatto, 2018. "Flight to Liquidity and Systemic Bank Runs," 2018 Meeting Papers 276, Society for Economic Dynamics.
    24. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    25. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    26. Michael Kumhof & Xuan Wang, 2020. "Banks, Money, and the Zero Lower Bound on Deposit Rates," Tinbergen Institute Discussion Papers 20-050/VI, Tinbergen Institute.
    27. Janet Hua Jiang & Peter Norman & Daniela Puzzello & Bruno Sultanum & Randall Wright, 2021. "Is Money Essential? An Experimental Approach," Working Paper 21-12, Federal Reserve Bank of Richmond.
    28. Han, Jungsuk & Wang, Yenan, 2025. "All that glitters: A theory of multiple bubbles with implications for cryptocurrencies," Journal of Monetary Economics, Elsevier, vol. 152(C).
    29. Yugang He, 2026. "Unveiling the socio-economic toll of cybercrime: evidence from South Korea," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-15, December.
    30. Kang, Kee-Youn, 2017. "Counterfeiting, screening and government policy," Journal of Economic Theory, Elsevier, vol. 172(C), pages 26-54.
    31. Itay Goldstein & Deeksha Gupta & Ruslan Sverchkov, 2024. "Utility Tokens as a Commitment to Competition," Journal of Finance, American Finance Association, vol. 79(6), pages 4197-4246, December.
    32. Jackson, Paul & Madison, Florian, 2022. "Entrepreneurial finance and monetary policy," European Economic Review, Elsevier, vol. 141(C).
    33. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    34. Gu, Chao & Monnet, Cyril & Nosal, Ed & Wright, Randall, 2023. "Diamond–Dybvig and beyond: On the instability of banking," European Economic Review, Elsevier, vol. 154(C).
    35. Radwanski, Juliusz, 2021. "The Equilibrium Value of Bitcoin," MPRA Paper 110746, University Library of Munich, Germany.
    36. Frasser, Cristian & Guzmán, Gabriel, 2020. "What do we call money? An appraisal of the money-or-nonmoney view," MPRA Paper 117909, University Library of Munich, Germany.
    37. Cristian Frasser & Lucie Lebeau, 2023. "Complementary Currencies and Liquidity: The Case of Coca-Base Money," Working Papers 2307, Federal Reserve Bank of Dallas.
    38. Jesús Fernández-Villaverde & Daniel R. Sanches, 2024. "Price-Level Determination Under the Gold Standard," Working Papers 24-06, Federal Reserve Bank of Philadelphia.
    39. Roberto Robatto, 2024. "Liquidity Requirements and Central Bank Interventions During Banking Crises," Management Science, INFORMS, vol. 70(2), pages 1175-1193, February.
    40. Gabrovski, Miroslav & Geromichalos, Athanasios & Herrenbrueck, Lucas & Kospentaris, Ioannis & Lee, Sukjoon, 2025. "The real effects of financial disruptions in a monetary economy," Journal of Monetary Economics, Elsevier, vol. 151(C).
    41. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2017. "A new suggestion for simplifying the theory of money," Journal of Economic Theory, Elsevier, vol. 172(C), pages 423-450.
    42. Hotchkiss, Julie L. & Moore, Robert E. & Rios-Avila, Fernando, 2020. "Cost of policy choices: A microsimulation analysis of the impact on family welfare of unemployment and price changes," Journal of Macroeconomics, Elsevier, vol. 63(C).
    43. Sébastien Lotz & Françoise Vasselin, 2019. "A New Monetarist Model Of Fiat And E‐Money," Economic Inquiry, Western Economic Association International, vol. 57(1), pages 498-514, January.
    44. Wang, Tianxi, 2021. "Government Bonds, Bank Liquidity and Non-Neutrality of Monetary Policy in the Steady," Economics Discussion Papers 29502, University of Essex, Department of Economics.
    45. Lucas Herrenbrueck, Zijian Wang, 2023. "Interest Rates, Moneyness, and the Fisher Equation," Discussion Papers dp23-11, Department of Economics, Simon Fraser University.
    46. Bustamante, Christian, 2023. "The long-run redistributive effects of monetary policy," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 106-123.
    47. Federico Bonetto & Maurizio Iacopetta, 2019. "A dynamic analysis of nash equilibria in search models with fiat money," Sciences Po Economics Publications (main) hal-03403584, HAL.
    48. Wright, Randall & Xiao, Sylvia Xiaolin & Zhu, Yu, 2018. "Frictional capital reallocation I: Ex ante heterogeneity," Journal of Economic Dynamics and Control, Elsevier, vol. 89(C), pages 100-116.
    49. Thomas M. Eisenbach & Gregory Phelan, 2023. "Fragility of Safe Assets," Working Papers 23-02, Office of Financial Research, US Department of the Treasury.
    50. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    51. Roberto Robatto, 2019. "Systemic Banking Panics, Liquidity Risk, and Monetary Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 34, pages 20-42, October.
    52. Tomohiro Hirano & Alexis Akira Toda, 2023. "Bubble Necessity Theorem," Papers 2305.08268, arXiv.org, revised Apr 2024.
    53. Araujo, Luis & Hu, Tai-Wei, 2018. "Optimal monetary interventions in credit markets," Journal of Economic Theory, Elsevier, vol. 178(C), pages 455-487.
    54. Zannini, Ugo, 2020. "The optimal quantity of money and partially-liquid assets," Journal of Economic Theory, Elsevier, vol. 188(C).
    55. Feng Dong & Jianjun Miao & Pengfei Wang, 2018. "The perils of credit booms," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 66(4), pages 819-861, December.
    56. Jiang, Janet Hua & Puzzello, Daniela & Zhang, Cathy, 2021. "How long is forever in the laboratory? Three implementations of an infinite-horizon monetary economy," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 278-301.
    57. Todd Keister & Daniel R. Sanches, 2021. "Should Central Banks Issue Digital Currency?," Working Papers 21-37, Federal Reserve Bank of Philadelphia.
    58. Guillaume Rocheteau & Lucie Lebeau & Tai-Wei Hu & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," Working Papers 181904, University of California-Irvine, Department of Economics.
    59. He, Zhiguo & Nagel, Stefan & Song, Zhaogang, 2022. "Treasury inconvenience yields during the COVID-19 crisis," Journal of Financial Economics, Elsevier, vol. 143(1), pages 57-79.
    60. Kee-Youn Kang, 2019. "Central Bank purchases of private assets: An evaluation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 326-346, January.
    61. Kim, Duhyeong, 2025. "Negative nominal interest rates and monetary policy," Journal of Monetary Economics, Elsevier, vol. 154(C).
    62. Jung, Kuk Mo, 2018. "Uncertainty-induced dynamic inefficiency and the optimal inflation rate," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 486-506.
    63. Renato Faccini & Eran Yashiv, 2022. "The importance of hiring frictions in business cycles," Quantitative Economics, Econometric Society, vol. 13(3), pages 1101-1143, July.
    64. Makoto WATANABE & Yu Awaya & kohei Iwasaki, 2024. "Money is the roof of asset bubbles," CIGS Working Paper Series 24-001E, The Canon Institute for Global Studies.
    65. Isch-Taudien, Remo & Schneider, Fabienne, 2026. "Credit, money and (pseudo-)anonymity," Journal of Economic Theory, Elsevier, vol. 235(C).
    66. Athanasios Geromichalos & Kuk Mo Jung & Ioannis Kospentaris & Changhyun Lee & Sukjoon Lee, 2025. "Central bank interventions and asset market liquidity," Working Papers 373, University of California, Davis, Department of Economics.
    67. Miroslav Gabrovski & Ioannis Kospentaris, 2020. "Intermediation in Over-the-Counter Markets with Price Transparency," Working Papers 202017, University of Hawaii at Manoa, Department of Economics.
    68. Choi, Michael & Rocheteau, Guillaume, 2023. "A model of retail banking and the deposits channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 127-147.
    69. Piergallini, Alessandro, 2025. "Corporate finance and interest rate policy," Journal of Macroeconomics, Elsevier, vol. 85(C).
    70. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    71. Piccolo, Jessica & Russo, Alessia & Granziera, Eleonora & Castelnuovo, Efrem, 2026. "Households' macroeconomic beliefs: The role of education," Bank of Finland Research Discussion Papers 9/2026, Bank of Finland.
    72. Lee, Sukjoon, 2020. "Liquidity Premium, Credit Costs, and Optimal Monetary Policy," MPRA Paper 104825, University Library of Munich, Germany.
    73. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.
    74. Geromichalos, Athanasios & Jung, Kuk Mo & Lee, Seungduck & Carlos, Dillon, 2021. "A model of endogenous direct and indirect asset liquidity," European Economic Review, Elsevier, vol. 132(C).
    75. Madison, Florian, 2024. "A microfounded approach to currency substitution and government policy," Journal of Economic Theory, Elsevier, vol. 219(C).
    76. Iwasaki, Kohei, 2024. "Credibility of central banks in monetary economies," Economics Letters, Elsevier, vol. 243(C).
    77. van Binsbergen, Jules H. & Diamond, William F. & Grotteria, Marco, 2022. "Risk-free interest rates," Journal of Financial Economics, Elsevier, vol. 143(1), pages 1-29.
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    79. Kam, Timothy & Lee, Hyungsuk & Lee, Junsang & Ng, Sam, 2025. "On a pecuniary externality of competitive banking through goods pricing dispersion," European Economic Review, Elsevier, vol. 179(C).
    80. Wataru Nozawa & Hoonsik Yang, 2021. "Optimal intervention in a random‐matching model of money," Bulletin of Economic Research, Wiley Blackwell, vol. 73(4), pages 721-735, October.
    81. Carrasco, Jose A. & Harrison, Rodrigo, 2023. "Costly multi-unit search," European Economic Review, Elsevier, vol. 154(C).
    82. Altermatt, Lukas & Iwasaki, Kohei & Wright, Randall, 2021. "Asset pricing in monetary economies," Journal of International Money and Finance, Elsevier, vol. 115(C).
    83. Leszek Borowiec & Marzena Kacprzak & Agnieszka Król, 2023. "Information Value of Individual and Consolidated Financial Statements for Indicative Liquidity Assessment of Polish Energy Groups in 2018–2021," Energies, MDPI, vol. 16(9), pages 1-16, April.
    84. Mahlatse Mabeba, 2022. "Parsimony and Liquidity Ratio Effects on Capital Markets: Evidence from South Africa," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 10(3), pages 94-104.
    85. Pedro, Gomis-Porqueras & Cathy, Zhang, 2018. "Optimal Monetary and Fiscal Policy with Migration in a Currency Union," MPRA Paper 83754, University Library of Munich, Germany.
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    90. Fernando Alvarez & Francesco Lippi & Roberto Robatto, 2019. "Cost of Inflation in Inventory Theoretical Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 206-226, April.
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    93. Miroslav Gabrovski & Ioannis Kospentaris & Victor Ortego-Marti, 2024. "Endogenous Realtor Intermediation and Housing Market Liquidity," Working Papers 202410, University of California at Riverside, Department of Economics.
    94. Guillaume Rocheteau & Tai-Wei Hu & Lucie Lebeau & Younghwan In, 2021. "Gradual Bargaining in Decentralized Asset Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 72-109, October.
    95. Bajaj, Ayushi, 2018. "Undefeated equilibria of the Shi–Trejos–Wright model under adverse selection," Journal of Economic Theory, Elsevier, vol. 176(C), pages 957-986.
    96. Kee-Youn Kang, 2023. "Cryptocurrency and double spending history: transactions with zero confirmation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(2), pages 453-491, February.
    97. Carlos A. Arango-Arango & Yanneth Rocio Betancourt-Garcia, 2022. "A Mixed Duopoly in Interbank Payment Services," IHEID Working Papers 19-2022, Economics Section, The Graduate Institute of International Studies.
    98. Donaldson, Jason & Piacentino, Giorgia, 2019. "Money Runs," CEPR Discussion Papers 13955, Centre for Economic Policy Research.
    99. Han Han & Benoit Julien & Asgerdur Petursdottir & Liang Wang, 2017. "Asset Pricing Equilibria with Indivisible Goods," Working Papers 201705, University of Hawaii at Manoa, Department of Economics.
    100. Abad, Jorge & Nuño, Galo & Bigio, Saki & Garcia-Villegas, Salomon & Marbet, Joël, 2026. "The heterogeneous bank lending channel of monetary policy," Working Paper Series 3299, European Central Bank.
    101. Hu, Tai-Wei & Rocheteau, Guillaume, 2020. "Bargaining under liquidity constraints: Unified strategic foundations of the Nash and Kalai solutions," Journal of Economic Theory, Elsevier, vol. 189(C).
    102. Liang Wang & Randall Wright & Lucy Qian Liu, 2020. "Sticky Prices and Costly Credit," Working Papers 202001, University of Hawaii at Manoa, Department of Economics.
    103. Makoto WATANABE & Yu Awaya & Hiroki Fukai, 2024. "Transparency vs Privacy in Credit Markets," CIGS Working Paper Series 24-022E, The Canon Institute for Global Studies.
    104. Lukas Altermatt & Kohei Iwasaki & Randall Wright, 2023. "General Equilibrium with Multiple Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 267-291, December.
    105. Jin, Gu & Zhu, Tao, 2020. "Heterogeneity, Decentralized Trade, and the Long-run Real Effects of Inflation," MPRA Paper 101927, University Library of Munich, Germany.
    106. Tamás Briglevics & Scott Schuh, 2020. "This Is What's in Your Wallet...and Here's How You Use It," Working Papers 20-04, Department of Economics, West Virginia University.
    107. John Duffy & Daniela Puzzello, 2022. "The Friedman Rule: Experimental Evidence," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(2), pages 671-698, May.
    108. Rocheteau, Guillaume & Wright, Randall & Xiaolin Xiao, Sylvia, 2018. "Open market operations," Journal of Monetary Economics, Elsevier, vol. 98(C), pages 114-128.
    109. Giuseppe Ferrero & Michele Loberto & Marcello Miccoli, 2021. "The assets’ pledgeability channel of unconventional monetary policy," Economic Inquiry, Western Economic Association International, vol. 59(4), pages 1547-1568, October.
    110. Federico Bonetto & Maurizio Iacopetta, 2019. "A dynamic analysis of nash equilibria in search models with fiat money," Post-Print hal-03403584, HAL.
    111. Kang, Kee-Youn, 2019. "Cryptocurrency, Delivery Lag, and Double Spending History," MPRA Paper 93598, University Library of Munich, Germany.
    112. Huber, Samuel & Kim, Jaehong, 2019. "The role of trading frictions in financial markets," Journal of Economic Dynamics and Control, Elsevier, vol. 99(C), pages 1-18.
    113. Lu, Dong & Zhan, Yaosong, 2022. "Over-the-counter versus double auction in asset markets with near-zero-intelligence traders," Journal of Economic Dynamics and Control, Elsevier, vol. 143(C).
    114. Marcos Cardozo & Yaroslav Rosokha & Cathy Zhang, 2024. "On the Emergence of International Currencies: An Experimental Approach," Purdue University Economics Working Papers 1351, Purdue University, Department of Economics.
    115. Jason R. Donaldson & Giorgia Piacentino, 2019. "Money Runs," NBER Working Papers 26298, National Bureau of Economic Research, Inc.
    116. Zakaria Babutsidze & Maurizio Iacopetta, 2021. "The Emergence of Money: Computational Approaches with Fully and Boundedly Rational Agents," Computational Economics, Springer;Society for Computational Economics, vol. 58(1), pages 3-26, June.
    117. Athanasios Geromichalos & Lucas Herrenbrueck & Sukjoon Lee, 2018. "Asset Safety versus Asset Liquidity," Working Papers 326, University of California, Davis, Department of Economics.
    118. Dong, Mei & Xiao, Sylvia Xiaolin, 2024. "Idle liquidity, CBDC and banking," European Economic Review, Elsevier, vol. 164(C).
    119. Ait Lahcen, Mohammed & Baughman, Garth & Rabinovich, Stanislav & van Buggenum, Hugo, 2022. "Nonlinear unemployment effects of the inflation tax," European Economic Review, Elsevier, vol. 148(C).
    120. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    121. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    122. Lucas Herrenbrueck & Xinhao Dong & Zijian Wang, 2026. "Urgency, Liquidity, and the Price of Convenience," Discussion Papers dp26-12, Department of Economics, Simon Fraser University.
    123. Carlos A. Arango-Arango & Yanneth Rocío Betancourt-García, 2024. "A Mixed Duopoly in the Provision of Payment Services," Borradores de Economia 1280, Banco de la Republica de Colombia.
    124. Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Permissioned Distributed Ledgers and the Governance of Money," Diskussionsschriften dp2101, Universitaet Bern, Departement Volkswirtschaft.
    125. Ed Nosal & Yuet-Yee Wong & Randall Wright, 2019. "Intermediation in Markets for Goods and Markets for Assets," FRB Atlanta Working Paper 2019-5, Federal Reserve Bank of Atlanta.
    126. Vyacheslav Arbuzov & Yu Awaya & Hiroki Fukai & Makoto Watanabe, 2024. "Endogenous Cycles in Collateralized Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 627-646, March.
    127. Athanasios Geromichalos & Lucas Herrenbrueck & Sukjoon Lee, 2023. "The Strategic Determination of the Supply of Liquid Assets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 1-36, July.
    128. Mohammed Ait Lahcen & Pedro Gomis‐Porqueras, 2021. "A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(5), pages 1175-1209, August.
    129. Chen, Hongyi & Siklos, Pierre L., 2022. "Central bank digital currency: A review and some macro-financial implications," Journal of Financial Stability, Elsevier, vol. 60(C).
    130. Athanasios Geromichalos & Kuk Mo Jung & Seungduck Lee & Dillon Carlos, 2019. "Asset Liquidity in Monetary Theory and Finance: A Unified Approach," Working Papers 330, University of California, Davis, Department of Economics.
    131. Thomas M. Eisenbach & Gregory Phelan, 2022. "Fragility of Safe Asset Markets," Staff Reports 1026, Federal Reserve Bank of New York.
    132. Fernández-Villaverde, Jesús & Sanches, Daniel, 2023. "A model of the gold standard," Journal of Economic Theory, Elsevier, vol. 214(C).
    133. Norman, Thomas W.L., 2020. "The evolution of monetary equilibrium," Games and Economic Behavior, Elsevier, vol. 122(C), pages 233-239.
    134. Grace Xun Gong & Randall Wright, 2024. "Middlemen In Search Equilibrium With Intensive And Extensive Margins," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(4), pages 1657-1679, November.
    135. Araujo, Luis & Minetti, Raoul & Murro, Pierluigi, 2021. "Relationship finance, informed liquidity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 193(C).
    136. Choi, Michael & Rocheteau, Guillaume, 2024. "Foundations of market power in monetary economies," Journal of Economic Theory, Elsevier, vol. 222(C).
    137. Emiliano S. Pagnotta & Thomas Philippon, 2018. "Competing on Speed," Econometrica, Econometric Society, vol. 86(3), pages 1067-1115, May.
    138. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.
    139. Christian Bustamante, 2021. "More Money for Some: The Redistributive Effects of Open Market Operations," Staff Working Papers 21-46, Bank of Canada.
    140. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.
    141. Robert Oleschak, 2021. "Financial inclusion, technology and their impacts on monetary and fiscal policy: theory and evidence," Working Papers 2021-04, Swiss National Bank.
    142. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).

  6. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.

    Cited by:

    1. Eduardo Ferraciolli & Tanya Araújo, 2023. "Agent-based Modeling and the Sociology of Money: a Framework for the Study of Coordination and Plurality," Working Papers REM 2023/0285, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Eduardo C. Ferraciolli & Tanya Araújo, 2026. "Agent-based modeling and the sociology of money: some suggestions for refining monetary theory using social simulation," Review of Evolutionary Political Economy, Springer, vol. 7(1), pages 1-29, December.

  7. Gara Afonso & Ricardo Lagos, 2015. "Trade Dynamics in the Market for Federal Funds," Econometrica, Econometric Society, vol. 83, pages 263-313, January.
    See citations under working paper version above.
  8. Gara Afonso & Ricardo Lagos, 2015. "The Over‐the‐Counter Theory of the Fed Funds Market: A Primer," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 127-154, June.
    See citations under working paper version above.
  9. Ricardo Lagos, 2013. "Moneyspots: Extraneous Attributes and the Coexistence of Money and Interest-Bearing Nominal Bonds," Journal of Political Economy, University of Chicago Press, vol. 121(1), pages 127-185.

    Cited by:

    1. Neil Wallace, 2013. "Comment on "Moneyspots: Extraneous Attributes and the Coexistence of Money and Interest-Bearing Nominal Bonds" by Ricardo Lagos," Journal of Political Economy, University of Chicago Press, vol. 121(4), pages 793-795.
    2. Xavier Ragot & Florin O. Bilbiie, 2016. "Monetary Policy, Inflation, and Inequality: The Case for Helicopters," 2016 Meeting Papers 1663, Society for Economic Dynamics.
    3. Johnson, Christopher, 2016. "Differences of Opinion, Liquidity, and Monetary Policy," MPRA Paper 70951, University Library of Munich, Germany.
    4. Ricardo Lagos, 2013. "Moneyspots and Coexistence in the Pure Theory of Money: A Reply to Neil Wallace," Journal of Political Economy, University of Chicago Press, vol. 121(4), pages 796-801.
    5. Guillaume Rocheteau & Lucie Lebeau & Tai-Wei Hu & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," Working Papers 181904, University of California-Irvine, Department of Economics.
    6. Rocheteau, Guillaume & Wang, Lu, 2023. "Endogenous liquidity and volatility," Journal of Economic Theory, Elsevier, vol. 210(C).
    7. Tai-Wei Hu & Guillaume Rocheteau & Lucie Lebeau & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," 2018 Meeting Papers 606, Society for Economic Dynamics.
    8. Rojas Breu, Mariana, 2017. "Debt enforcement and the value of money," Journal of Economic Theory, Elsevier, vol. 168(C), pages 237-251.
    9. Guillaume Rocheteau & Tai-Wei Hu & Lucie Lebeau & Younghwan In, 2021. "Gradual Bargaining in Decentralized Asset Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 72-109, October.
    10. Tanaka, Yoshitaka, 2019. "Reallocation of production inputs in a monetary economy," Economics Letters, Elsevier, vol. 183(C), pages 1-1.
    11. Hu, Tai-Wei & Rocheteau, Guillaume, 2013. "On the coexistence of money and higher-return assets and its social role," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2520-2560.
    12. Luis Araujo & Leo Ferraris, 2020. "Money, Bonds, and the Liquidity Trap," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1853-1867, October.
    13. Luis Araujo & Leo Ferraris, 2019. "The Societal Benefits of Money and Interest Bearing Debt," CEIS Research Paper 453, Tor Vergata University, CEIS, revised 19 Feb 2019.

  10. Ricardo Lagos, 2011. "Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 521-552, October.
    See citations under working paper version above.
  11. Lagos, Ricardo & Rocheteau, Guillaume & Weill, Pierre-Olivier, 2011. "Crises and liquidity in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2169-2205.
    See citations under working paper version above.
  12. Lagos, Ricardo, 2010. "Asset prices and liquidity in an exchange economy," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 913-930, November.
    See citations under working paper version above.
  13. Ricardo Lagos, 2010. "Asset prices, liquidity, and monetary policy in the search theory of money," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 303-310.

    Cited by:

    1. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014. "Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
    2. Rocheteau, Guillaume, 2011. "Payments and liquidity under adverse selection," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 191-205.
    3. Chao Gu & Guido Menzio & Randall Wright & Yu Zhu, 2020. "Toxic Assets and Market Freezes," Working Papers 2001, Department of Economics, University of Missouri.
    4. Philippon, Thomas & Midrigan, Virgiliu, 2011. "Household Leverage and the Recession," CEPR Discussion Papers 8381, Centre for Economic Policy Research.
    5. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2010. "Channel Systems: Why is there a Positive Spread?," CESifo Working Paper Series 3251, CESifo.
    6. Ricardo Lagos & Gara Afonson, 2011. "Trade Dynamics in the Market for Federal Funds," 2011 Meeting Papers 314, Society for Economic Dynamics.

  14. Lagos, Ricardo, 2010. "Some results on the optimality and implementation of the Friedman rule in the Search Theory of Money," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1508-1524, July.

    Cited by:

    1. Stephen D. Williamson, 2015. "Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 197-222, June.
    2. Ricardo Lagos & Shengxing Zhang, 2020. "Turnover Liquidity and the Transmission of Monetary Policy," American Economic Review, American Economic Association, vol. 110(6), pages 1635-1672, June.
    3. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.
    4. Gara Afonso & Ricardo Lagos, 2014. "The Over-the-Counter Theory of the Fed Funds Market: A Primer," Working Papers 711, Federal Reserve Bank of Minneapolis.
    5. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014. "Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
    6. Jonathan Chiu & Tsz-Nga Wong, 2015. "On the Essentiality of E-Money," Staff Working Papers 15-43, Bank of Canada.
    7. Ricardo Lagos & Shengxing Zhang, 2018. "A Monetary Model of Bilateral Over-the-Counter Markets," NBER Working Papers 25239, National Bureau of Economic Research, Inc.
    8. Ricardo Lagos, 2011. "Asset Prices, Liquidity, and Monetary Policy in an Exchange Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 521-552, October.
    9. Ricardo Lagos, 2010. "Asset prices, liquidity, and monetary policy in the search theory of money," Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 303-310.
    10. Moscarini, Giuseppe & Wright, Randall, 2010. "Introduction to Search Theory and Applications," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1319-1324, July.
    11. Rocheteau, Guillaume & Wang, Lu, 2023. "Endogenous liquidity and volatility," Journal of Economic Theory, Elsevier, vol. 210(C).
    12. Ricardo Lagos & Shengxing Zhang, 2015. "Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises," NBER Working Papers 21528, National Bureau of Economic Research, Inc.
    13. John Duffy & Daniela Puzzello, 2019. "The Friedman Rule in the Laboratory," 2019 Meeting Papers 541, Society for Economic Dynamics.
    14. Jacquet, Nicolas L. & Tan, Serene, 2012. "Money and asset prices with uninsurable risks," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 784-797.
    15. Lagos, Ricardo, 2010. "Asset prices and liquidity in an exchange economy," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 913-930, November.
    16. John Duffy & Daniela Puzzello, 2022. "The Friedman Rule: Experimental Evidence," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(2), pages 671-698, May.
    17. Aleksander Berentsen & Christopher Waller, 2010. "Outside versus Inside Bonds: A Modigliani-Miller Type Result for Liquidity Constrained Economies," CESifo Working Paper Series 3272, CESifo.
    18. Huber, Samuel & Kim, Jaehong, 2017. "On the optimal quantity of liquid bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 79(C), pages 184-200.
    19. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
    20. Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," Working Papers 710, Federal Reserve Bank of Minneapolis.
    21. Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2010. "Channel Systems: Why is there a Positive Spread?," CESifo Working Paper Series 3251, CESifo.

  15. Ricardo Lagos & Guillaume Rocheteau, 2009. "Liquidity in Asset Markets With Search Frictions," Econometrica, Econometric Society, vol. 77(2), pages 403-426, March.
    See citations under working paper version above.
  16. Lagos, Ricardo & Rocheteau, Guillaume, 2008. "Money and capital as competing media of exchange," Journal of Economic Theory, Elsevier, vol. 142(1), pages 247-258, September.
    See citations under working paper version above.
  17. Ricardo Lagos, 2008. "The Research Agenda: Ricardo Lagos on Liquidity and the Search Theory of Money," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(1), November.

    Cited by:

    1. Rabinovich Stanislav, 2017. "Revisiting Multiplicity of Bubble Equilibria in a Search Model with Posted Prices," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 17(1), pages 1-15, January.
    2. Athanasios Geromichalos & Lucas Herrenbrueck, 2016. "Monetary Policy, Asset Prices, and Liquidity in Over‐the‐Counter Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(1), pages 35-79, February.
    3. Geromichalos, Athanasios & Jung, Kuk Mo & Lee, Seungduck & Carlos, Dillon, 2021. "A model of endogenous direct and indirect asset liquidity," European Economic Review, Elsevier, vol. 132(C).
    4. Selcuk, Cemil, 2012. "Distressed sales and liquidity in OTC markets," MPRA Paper 38188, University Library of Munich, Germany.
    5. Benjamin Eden, 2009. "Liquidity Premium and International Seigniorage Payments," Vanderbilt University Department of Economics Working Papers 0901, Vanderbilt University Department of Economics.

  18. Ricardo Lagos & Guillaume Rocheteau, 2007. "Search in Asset Markets: Market Structure, Liquidity, and Welfare," American Economic Review, American Economic Association, vol. 97(2), pages 198-202, May.
    See citations under working paper version above.
  19. Nobuhiro Kiyotaki & Ricardo Lagos, 2007. "A Model of Job and Worker Flows," Journal of Political Economy, University of Chicago Press, vol. 115(5), pages 770-819, October.
    See citations under working paper version above.
  20. Ricardo Lagos, 2006. "A Model of TFP," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 73(4), pages 983-1007.
    See citations under working paper version above.
  21. Ricardo Lagos & Guillaume Rocheteau, 2005. "Inflation, Output, And Welfare," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 495-522, May.
    See citations under working paper version above.
  22. Ricardo Lagos & Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.
    See citations under working paper version above.
  23. Kenneth Burdett & Ricardo Lagos & Randall Wright, 2004. "An On-The-Job Search Model Of Crime, Inequality, And Unemployment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(3), pages 681-706, August.
    See citations under working paper version above.
  24. Ricardo Lagos, 2003. "An Analysis of the Market for Taxicab Rides in New York City," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 423-434, May.

    Cited by:

    1. Francisco Gallego & Juan-Pablo Montero & Christian Salas, 2011. "The Effect of Transport Policies on Car Use: Theory and Evidence from Latin American Cities," Documentos de Trabajo 407, Instituto de Economia. Pontificia Universidad Católica de Chile..
    2. Yang, Hai & Leung, Cowina W.Y. & Wong, S.C. & Bell, Michael G.H., 2010. "Equilibria of bilateral taxi-customer searching and meeting on networks," Transportation Research Part B: Methodological, Elsevier, vol. 44(8-9), pages 1067-1083, September.
    3. Giulia Brancaccio & Myrto Kalouptsidi & Theodore Papageorgiou, 2023. "The impact of oil prices on world trade," Review of International Economics, Wiley Blackwell, vol. 31(2), pages 444-463, May.
    4. Yang, Hai & Yang, Teng, 2011. "Equilibrium properties of taxi markets with search frictions," Transportation Research Part B: Methodological, Elsevier, vol. 45(4), pages 696-713, May.
    5. M. Keith Chen & Judith A. Chevalier & Peter E. Rossi & Emily Oehlsen, 2017. "The Value of Flexible Work: Evidence from Uber Drivers," NBER Working Papers 23296, National Bureau of Economic Research, Inc.
    6. Theodore Papageorgiou & Myrto Kalouptsidi & Giulia Brancaccio, 2017. "Geography, Search Frictions and Trade Costs," 2017 Meeting Papers 1105, Society for Economic Dynamics.
    7. Lam, Chungsang Tom & Liu, Meng & Hui, Xiang, 2021. "The geography of ridesharing: A case study on New York City," Information Economics and Policy, Elsevier, vol. 57(C).
    8. Zakharenko, Roman, 2023. "Pricing shared vehicles," Economics of Transportation, Elsevier, vol. 33(C).
    9. Xiaoyu Xia & Juin Kuan Chong, 2022. "No Magic for Market Entry in the Field: Evidence from Taxi Markets," Management Science, INFORMS, vol. 68(6), pages 4670-4684, June.
    10. Juan Camilo Castillo & Shreya Mathur, 2023. "Matching and Network Effects in Ride-Hailing," AEA Papers and Proceedings, American Economic Association, vol. 113, pages 244-247, May.
    11. Kostas Bimpikis & Ozan Candogan & Daniela Saban, 2019. "Spatial Pricing in Ride-Sharing Networks," Operations Research, INFORMS, vol. 67(3), pages 744-769, May.
    12. Giulia Brancaccio & Myrto Kalouptsidi & Theodore Papageorgiou, 2020. "Geography, Transportation, and Endogenous Trade Costs," Econometrica, Econometric Society, vol. 88(2), pages 657-691, March.
    13. Soheil Ghili & Vineet Kumar, 2020. "Spatial Distribution of Supply and the Role of Market Thickness: Theory and Evidence from Ride Sharing," Cowles Foundation Discussion Papers 2219R, Cowles Foundation for Research in Economics, Yale University, revised Aug 2020.
    14. Soheil Ghili, 2021. "Optimal Bundling: Characterization, Interpretation, and Implications for Empirical Work," Cowles Foundation Discussion Papers 2273, Cowles Foundation for Research in Economics, Yale University.
    15. Xueli Zhang & Wei Miao & Junhong Chu & Ivan Png, 2026. "The Design of Centralized Matching Systems on Two-Sided Platforms: Evidence from the Ride-Hailing Market," Marketing Science, INFORMS, vol. 45(4), pages 816-843, July.
    16. Juan Camilo Castillo & Dan Knoepfle & E. Glen Weyl, 2025. "Matching and Pricing in Ride Hailing: Wild Goose Chases and How to Solve Them," Management Science, INFORMS, vol. 71(5), pages 4377-4395, May.
    17. Johnny Tang, 2020. "Individual Heterogeneity and Cultural Attitudes in Credence Goods Provision," Papers 2010.08386, arXiv.org.
    18. Gallego, Francisco & Montero, Juan-Pablo & Salas, Christian, 2013. "The effect of transport policies on car use: Evidence from Latin American cities," Journal of Public Economics, Elsevier, vol. 107(C), pages 47-62.
    19. Arnaud Chéron & Bruno Decreuse, 2014. "Matching with Phantoms," AMSE Working Papers 1423, Aix-Marseille School of Economics, France, revised Apr 2014.
    20. Ebrahimy, Ehsan & Shimer, Robert, 2010. "Stock-flow matching," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1325-1353, July.
    21. Soheil Ghili & Vineet Kumar, 2020. "Spatial Distribution of Supply and the Role of Market Thickness: Theory and Evidence from Ride Sharing," Cowles Foundation Discussion Papers 2219, Cowles Foundation for Research in Economics, Yale University.
    22. Yoshifumi Konishi & Akari Ono, 2024. "Is Ride-sharing Good for Environment?," Keio-IES Discussion Paper Series 2024-014, Institute for Economics Studies, Keio University.
    23. Soheil Ghili & Vineet Kumar, 2021. "Spatial Distribution of Supply and the Role of Market Thickness: Theory and Evidence from Ride Sharing," Papers 2108.05954, arXiv.org.
    24. Lehe, Lewis & Pandey, Ayush, 2022. "Taxi service with heterogeneous drivers and a competitive medallion market," Journal of Urban Economics, Elsevier, vol. 131(C).
    25. Colin von Negenborn, 2023. "The more the merrier? On the optimality of market size restrictions," Review of Economic Design, Springer;Society for Economic Design, vol. 27(3), pages 603-634, September.
    26. Frechette, Guilaume & Lizzeri, Alessandro & Salz, Tobias, 2016. "Frictions in a Competitive, Regulated Market Evidence from Taxis," CEPR Discussion Papers 11626, Centre for Economic Policy Research.
    27. Zhang, Kenan & Mittal, Archak & Djavadian, Shadi & Twumasi-Boakye, Richard & Nie, Yu (Marco), 2023. "RIde-hail vehicle routing (RIVER) as a congestion game," Transportation Research Part B: Methodological, Elsevier, vol. 177(C).

  25. Lagos, Ricardo & Wright, Randall, 2003. "Dynamics, cycles, and sunspot equilibria in 'genuinely dynamic, fundamentally disaggregative' models of money," Journal of Economic Theory, Elsevier, vol. 109(2), pages 156-171, April.
    See citations under working paper version above.
  26. Kenneth Burdett & Ricardo Lagos & Randall Wright, 2003. "Crime, Inequality, and Unemployment," American Economic Review, American Economic Association, vol. 93(5), pages 1764-1777, December.
    See citations under working paper version above.
  27. Ricardo Lagos, 2000. "An Alternative Approach to Search Frictions," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 851-873, October.

    Cited by:

    1. Gaumont, Damien & Schindler, Martin & Wright, Randall, 2006. "Alternative theories of wage dispersion," European Economic Review, Elsevier, vol. 50(4), pages 831-848, May.
    2. Paulina Restrepo-Echavarria & Antonella Tutino & Anton Cheremukhin, 2012. "The Assignment of Workers to Jobs with Endogenous Information Selection," 2012 Meeting Papers 164, Society for Economic Dynamics.
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    Cited by:

    1. Ricardo A. Lagos, "undated". ""An Alternative Approach to Market Frictions: An Application to the Market for Taxicab Rides''," CARESS Working Papres 96-09, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.

Software components

  1. Ricardo Lagos & Shengxing Zhang, 2019. "Code and data files for "A Monetary Model of Bilateral Over-the-Counter Markets"," Computer Codes 18-285, Review of Economic Dynamics.
    See citations under working paper version above.Sorry, no citations of software components recorded.
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