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Zachary Bethune

Citations

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Working papers

  1. Zachary Bethune & Joaquín Saldain & Eric R. Young, 2024. "Consumer Credit Regulation and Lender Market Power," Staff Working Papers 24-36, Bank of Canada.

    Cited by:

    1. Satyajit Chatterjee & Burcu Eyigungor, 2026. "Explaining Contract Heterogeneity in the Credit Card Market," Working Papers 26-03, Federal Reserve Bank of Philadelphia.

  2. Korinek, Anton & Bethune, Zachary, 2020. "COVID-19 Infection Externalities: Trading Off Lives vs. Livelihoods," CEPR Discussion Papers 14596, Centre for Economic Policy Research.

    Cited by:

    1. Campos-Mercade, Pol & Meier, Armando N. & Schneider, Florian H. & Wengström, Erik, 2021. "Prosociality predicts health behaviors during the COVID-19 pandemic," Journal of Public Economics, Elsevier, vol. 195(C).
    2. Jacek Rothert, 2020. "Optimal federal redistribution during the uncoordinated response to a pandemic," Departmental Working Papers 64, United States Naval Academy Department of Economics.
    3. Fetzer, T. & Rauh, C., 2022. "Pandemic pressures and public health care: evidence from England," Cambridge Working Papers in Economics 2207, Faculty of Economics, University of Cambridge.
    4. Martin Gonzalez-Eiras & Dirk Niepelt, 2020. "Optimally Controlling an Epidemic," Working Papers 20.06, Swiss National Bank, Study Center Gerzensee.
    5. Farhi, Emmanuel & Baqaee, David Rezza, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," CEPR Discussion Papers 14742, Centre for Economic Policy Research.
    6. Nemati Fard, Lorenzo Amir & Bisin, Alberto & Starnini, Michele & Tizzoni, Michele, 2025. "Modeling adaptive forward-looking behavior in epidemics on networks," Journal of Economic Behavior & Organization, Elsevier, vol. 232(C).
    7. Timo Boppart & Karl Harmenberg & John Hassler & Per Krusell & Jonna Olsson, 2020. "Integrated Epi-Econ Assessment," NBER Working Papers 28282, National Bureau of Economic Research, Inc.
    8. Pintu Parui, 2021. "A simple macro‐model of COVID‐19 with special reference to India," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 650-678, November.
    9. Chen, Xiao & Huang, Hanwei & Ju, Jiandong & Sun, Ruoyan & Zhang, Jialiang, 2022. "Endogenous cross-region human mobility and pandemics," LSE Research Online Documents on Economics 117907, London School of Economics and Political Science, LSE Library.
    10. John M. Bizjak & Swaminathan L. Kalpathy & Vassil T. Mihov & Jue Ren, 2022. "CEO Political Leanings and Store‐Level Economic Activity during the COVID‐19 Crisis: Effects on Shareholder Value and Public Health," Journal of Finance, American Finance Association, vol. 77(5), pages 2949-2986, October.
    11. Kremer, Michael & Williams, Heidi & Snyder, Christopher & Goodkin-Gold, Matthew, 2020. "Optimal Subsidies for Prevention of Infectious Disease," CEPR Discussion Papers 15433, Centre for Economic Policy Research.
    12. Severin Reissl & Alessandro Caiani & Francesco Lamperti & Mattia Guerini & Fabio Vanni & Giorgio Fagiolo & Tommaso Ferraresi & Leonardo Ghezzi & Mauro Napoletano & Andrea Roventini, 2021. "Assessing the economic impact of lockdowns in Italy: a computational input-output approach," Sciences Po Economics Publications (main) hal-03373672, HAL.
    13. Stefan Pollinger, 2022. "Optimal Contact Tracing and Social Distancing Policies to Suppress a New Infectious Disease," Sciences Po Economics Publications (main) hal-03793909, HAL.
    14. Goodhart, Charles & Tsomocos, Dimitrios P & Wang, Xuan, 2020. "Support for Small Businesses amid COVID-19," CEPR Discussion Papers 15055, Centre for Economic Policy Research.
    15. ÅžimÅŸek, Alp & Caballero, Ricardo, 2020. "A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock," CEPR Discussion Papers 14627, Centre for Economic Policy Research.
    16. Antonio Diez de los Rios, 2020. "A Macroeconomic Model of an Epidemic with Silent Transmission and Endogenous Self-isolation," Staff Working Papers 20-50, Bank of Canada.
    17. Álvaro H. Chaves Castro, 2021. "Análisis sobre la evolución del COVID-19 en Colombia: ¿se alcanzará el pico de contagio?," Tiempo y Economía, Universidad de Bogotá Jorge Tadeo Lozano, vol. 8(1), pages 123-160.
    18. Mellacher, Patrick, 2023. "The impact of corona populism: Empirical evidence from Austria and theory," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 113-140.
    19. Thuy D. Nguyen & Sumedha Gupta & Martin Andersen & Ana Bento & Kosali I. Simon & Coady Wing, 2020. "Impacts of State Reopening Policy on Human Mobility," NBER Working Papers 27235, National Bureau of Economic Research, Inc.
    20. Калинин А. М. & Засимова Л. С. & Колосницына М. Г. & Хоркина Н. А., 2020. "Политика Изоляции Населения Во Время Пандемии Covid-19: Какие Стратегии Выгодны Государству?," Вопросы государственного и муниципального управления // Public administration issues, НИУ ВШЭ, issue 4, pages 7-30.
    21. Pongou, Roland & Tchuente, Guy & Tondji, Jean-Baptiste, 2020. "An Economic Model of Health-vs-Wealth Prioritization during Covid-19: Optimal Lockdown, Network Centrality, and Segregation," GLO Discussion Paper Series 667, Global Labor Organization (GLO).
    22. Tsutomu Watanabe & Tomoyoshi Yabu, 2021. "Japan’s voluntary lockdown: further evidence based on age-specific mobile location data," The Japanese Economic Review, Springer, vol. 72(3), pages 333-370, July.
    23. Alexander Chudik & M. Hashem Pesaran & Alessandro Rebucci, 2022. "Social Distancing, Vaccination and Evolution of COVID-19 Transmission Rates in Europe," Globalization Institute Working Papers 414, Federal Reserve Bank of Dallas, revised 12 Jul 2022.
    24. Decerf, Benoit & Ferreira, Francisco H. G. & Mahler, Daniel G. & Sterck, Olivier, 2021. "Lives and livelihoods: estimates of the global mortality and poverty effects of the Covid-19 pandemic," LSE Research Online Documents on Economics 112415, London School of Economics and Political Science, LSE Library.
    25. Ma, Chang & Rogers, John H. & Zhou, Sili, 2020. "Modern pandemics: Recession and recovery," BOFIT Discussion Papers 16/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    26. Lazebnik, Teddy & Shami, Labib & Bunimovich-Mendrazitsky, Svetlana, 2023. "Intervention policy influence on the effect of epidemiological crisis on industry-level production through input–output networks," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).
    27. Timo Boppart & Karl Harmenberg & John Hassler & Per Krusell & Jonna Olsson, 2025. "Integrated epi‐econ assessment: Quantitative theory," Quantitative Economics, Econometric Society, vol. 16(1), pages 89-131, January.
    28. Ketki Sheth & Greg C. Wright, 2020. "The Usual Suspects: Does Risk Tolerance, Altruism, and Health Predict the Response to Covid-19?," CESifo Working Paper Series 8276, CESifo.
    29. Simon K Schnyder & John J Molina & Ryoichi Yamamoto & Matthew S Turner, 2023. "Rational social distancing in epidemics with uncertain vaccination timing," PLOS ONE, Public Library of Science, vol. 18(7), pages 1-19, July.
    30. Vadim Elenev & Luis E. Quintero & Alessandro Rebucci & Emilia Simeonova, 2021. "Direct and Spillover Effects from Staggered Adoption of Health Policies: Evidence from COVID-19 Stay-at-Home Orders," NBER Working Papers 29088, National Bureau of Economic Research, Inc.
    31. Francesco Flaviano Russo, 2023. "Epidemics and policy: the dismal trade-offs," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 561-588, July.
    32. Kong, Edward & Prinz, Daniel, 2020. "Disentangling policy effects using proxy data: Which shutdown policies affected unemployment during the COVID-19 pandemic?," Journal of Public Economics, Elsevier, vol. 189(C).
    33. Baike She & Rebecca Lee Smith & Ian Pytlarz & Shreyas Sundaram & Philip E Paré, 2024. "A framework for counterfactual analysis, strategy evaluation, and control of epidemics using reproduction number estimates," PLOS Computational Biology, Public Library of Science, vol. 20(11), pages 1-30, November.
    34. Giorgio Fabbri & Salvatore Federico & Davide Fiaschi & Fausto Gozzi, 2022. "Mobility decisions, economic dynamics and Epidemic," Working Papers 2022-03, Grenoble Applied Economics Laboratory (GAEL).
    35. David E. Bloom & Michael Kuhn & Klaus Prettner, 2020. "Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses," Working Papers 2020-17, The George Washington University, Institute for International Economic Policy.
    36. Wifo, 2020. "WIFO-Monatsberichte, Heft 5/2020," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(5), May.
    37. Didier, Tatiana & Huneeus, Federico & Larrain, Mauricio & Schmukler, Sergio L., 2021. "Financing firms in hibernation during the COVID-19 pandemic," Journal of Financial Stability, Elsevier, vol. 53(C).
    38. Bisin, Alberto & Moro, Andrea, 2022. "JUE insight: Learning epidemiology by doing: The empirical implications of a Spatial-SIR model with behavioral responses," Journal of Urban Economics, Elsevier, vol. 127(C).
    39. Hippolyte d'Albis & Emmanuelle Augeraud-Véron, 2021. "Optimal Prevention and Elimination of Infectious Diseases," PSE Working Papers halshs-02563356, HAL.
    40. Pretnar, Nick, 2020. "The Intergenerational Welfare Implications of Disease Contagion," MPRA Paper 101862, University Library of Munich, Germany, revised 14 Jul 2020.
    41. Matthew Goodkin-Gold & Michael Kremer & Christopher M. Snyder & Heidi L. Williams, 2020. "Optimal Vaccine Subsidies for Endemic and Epidemic Diseases," NBER Working Papers 28085, National Bureau of Economic Research, Inc.
    42. Gearhart, Richard & Michieka, Nyakundi & Anders, Anne, 2023. "The effectiveness of COVID deaths to COVID policies: A robust conditional approach," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 376-394.
    43. Bhattacharya, Joydeep & Chakraborty, Shankha & Yu, Xiumei, 2021. "A rational-choice model of Covid-19 transmission with endogenous quarantining and two-sided prevention," Journal of Mathematical Economics, Elsevier, vol. 93(C).
    44. James H Fowler & Seth J Hill & Remy Levin & Nick Obradovich, 2021. "Stay-at-home orders associate with subsequent decreases in COVID-19 cases and fatalities in the United States," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-15, June.
    45. Severin Reissl & Alessandro Caiani & Francesco Lamperti & Mattia Guerini & Fabio Vanni & Giorgio Fagiolo & Tommaso Ferraresi & Leonardo Ghezzi & Mauro Napoletano & Andrea Roventini, 2021. "Assessing the economic effects of lockdowns in Italy: a computational Input-Output approach," LEM Papers Series 2021/03, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    46. Thomas Hellmann & Veikko Thiele, 2022. "A theory of voluntary testing and self‐isolation in an ongoing pandemic," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(5), pages 873-911, October.
    47. Bisin, Alberto & Moro, Andrea, 2020. "Learning Epidemiology by Doing: The Empirical Implications of a Spatial SIR Model with Behavioral Responses," MPRA Paper 101059, University Library of Munich, Germany.
    48. Alexander Chudik & M. Hashem Pesaran & Alessandro Rebucci, 2021. "COVID-19 Time-Varying Reproduction Numbers Worldwide: An Empirical Analysis of Mandatory and Voluntary Social Distancing," Globalization Institute Working Papers 407, Federal Reserve Bank of Dallas.
    49. Roland Pongou & Guy Tchuente & Jean-Baptiste Tondji, 2021. "Optimally Targeting Interventions in Networks during a Pandemic: Theory and Evidence from the Networks of Nursing Homes in the United States," Papers 2110.10230, arXiv.org.
    50. Andrew Abel & Stavros Panageas, 2024. "Are Zero-Covid Policies Optimal?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 53, pages 47-70, July.
    51. Ferraro, Domenico & Peretto, Pietro F., 2025. "Market size, innovation, and the economic effects of an epidemic," Journal of Economic Behavior & Organization, Elsevier, vol. 236(C).
    52. Vadim Elenev & Tim Landvoigt & Stijn Van Nieuwerburgh, 2020. "Can the Covid Bailouts Save the Economy?," NBER Working Papers 27207, National Bureau of Economic Research, Inc.
    53. Lee, Jean N. & Mahmud, Mahreen & Morduch, Jonathan & Ravindran, Saravana & Shonchoy, Abu S., 2021. "Migration, externalities, and the diffusion of COVID-19 in South Asia☆," Journal of Public Economics, Elsevier, vol. 193(C).
    54. Bisin, Alberto & Moro, Andrea, 2022. "Spatial‐SIR with network structure and behavior: Lockdown rules and the Lucas critique," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 370-388.
    55. Krishna Dasaratha, 2020. "Virus Dynamics with Behavioral Responses," Papers 2004.14533, arXiv.org, revised Sep 2023.
    56. Phurichai Rungcharoenkitkul, 2021. "Macroeconomic consequences of pandexit," BIS Working Papers 932, Bank for International Settlements.
    57. Wagner, Wolf & Bongaerts, Dion & Mazzola, Francesco, 2020. "Closed for business," CEPR Discussion Papers 14814, Centre for Economic Policy Research.
    58. David McAdams, 2020. "Nash SIR: An Economic-Epidemiological Model of Strategic Behavior During a Viral Epidemic," Papers 2006.10109, arXiv.org.
    59. Kangoh Lee, 2021. "Pandemics, Mitigation Measures, and Environment," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 78(2), pages 353-374, February.
    60. Keven R.A. André & Marcelo Arbex & Marcio V. Correa, 2023. "The Economic Implications of a Network SIR-Macro Model of Epidemics," Working Papers 2301, University of Windsor, Department of Economics.
    61. Jacques Bughin & Michele Cincera, 2020. "F.O.G. and Teleworking: Some Labor Economics of covid-19," Working Papers ECARES 2020-21, ULB -- Universite Libre de Bruxelles.
    62. Bairoliya, Neha & İmrohoroğlu, Ayşe, 2023. "Macroeconomic consequences of stay-at-home policies during the COVID-19 pandemic," European Economic Review, Elsevier, vol. 152(C).
    63. 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.
    64. Francesco Carbonero & Sergio Scicchitano, 2025. "Labour and technology at the time of COVID-19: can artificial intelligence mitigate the need for proximity?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 15(4), pages 1167-1203, December.
    65. Kalyani Devendra Jagtap & Kundan Kandhway, 2025. "Trading-off lives and livelihood: optimal lockdown policy in a unified epidemic and economic framework," OPSEARCH, Springer;Operational Research Society of India, vol. 62(2), pages 725-771, June.
    66. Casares, Miguel & Gomme, Paul & Khan, Hashmat, 2025. "Private versus social responses to a pandemic," Journal of Economic Dynamics and Control, Elsevier, vol. 181(C).
    67. Dion Bongaerts & Francesco Mazzola & Wolf Wagner, 2021. "Closed for business: The mortality impact of business closures during the Covid-19 pandemic," PLOS ONE, Public Library of Science, vol. 16(5), pages 1-17, May.
    68. Kangoh Lee, 2022. "Pandemics and support for mitigation measures," Journal of Economics, Springer, vol. 136(1), pages 73-89, June.
    69. Martin F Quaas & Jasper N Meya & Hanna Schenk & Björn Bos & Moritz A Drupp & Till Requate, 2021. "The social cost of contacts: Theory and evidence for the first wave of the COVID-19 pandemic in Germany," PLOS ONE, Public Library of Science, vol. 16(3), pages 1-29, March.
    70. David Baqaee & Emmanuel Farhi, 2020. "Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis," NBER Working Papers 27152, National Bureau of Economic Research, Inc.
    71. Nadia J. Sweis, 2022. "Revisiting the value of a statistical life: an international approach during COVID-19," Risk Management, Palgrave Macmillan, vol. 24(3), pages 259-272, September.
    72. Pollinger, Stefan, 2020. "Optimal Case Detection and Social Distancing Policies to Suppress COVID-19," TSE Working Papers 20-1109, Toulouse School of Economics (TSE).
    73. Martin F. Quaas & Jasper N. Meya & Hanna Schenk & Björn Bos & Moritz A. Drupp & Till Requate, 2020. "The Social Cost of Contacts: Theory and Evidence for the Covid-19 Pandemic in Germany," CESifo Working Paper Series 8347, CESifo.
    74. Arbex, Marcelo & Barros, Luiz A. & Corrêa, Márcio V., 2024. "Pandemic, inequality and public health: A quantitative analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 97(C).
    75. Saki Bigio & Mengbo Zhang & Eduardo Zilberman, 2020. "Transfers vs Credit Policy: Macroeconomic Policy Trade-offs during Covid-19," NBER Working Papers 27118, National Bureau of Economic Research, Inc.
    76. Pongou, Roland & Tchuente, Guy & Tondji, Jean-Baptiste, 2021. "Optimally Targeting Interventions in Networks during a Pandemic: Theory and Evidence from the Networks of Nursing Homes in the United States," GLO Discussion Paper Series 957, Global Labor Organization (GLO).
    77. Dasaratha, Krishna, 2023. "Virus dynamics with behavioral responses," Journal of Economic Theory, Elsevier, vol. 214(C).
    78. Leonardo Melosi & Matthias Rottner, 2020. "Pandemic Recessions and Contact Tracing," Working Paper Series WP-2020-31, Federal Reserve Bank of Chicago.
    79. Gonzalez-Eiras, Martín & Niepelt, Dirk, 2025. "A tractable model of epidemic control and equilibrium dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 178(C).
    80. Simon K Schnyder & John J Molina & Ryoichi Yamamoto & Matthew S Turner, 2023. "Rational social distancing policy during epidemics with limited healthcare capacity," PLOS Computational Biology, Public Library of Science, vol. 19(10), pages 1-24, October.
    81. Huberts, Nick F.D. & Thijssen, Jacco J.J., 2023. "Optimal timing of non-pharmaceutical interventions during an epidemic," European Journal of Operational Research, Elsevier, vol. 305(3), pages 1366-1389.

  3. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.

    Cited by:

    1. Fan Liang, 2026. "Adverse Selection and Small Business Finances," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 61, August.
    2. Ana María Herrera & Raoul Minetti & Matthew Schaffer, 2025. "Financial Liberalization, Credit Market Dynamism, and Allocative Efficiency," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(6), pages 1559-1596, September.
    3. Marco Bassetto & Wei Cui, 2023. "A Ramsey Theory of Financial Distortions," Staff Report 643, Federal Reserve Bank of Minneapolis.
    4. 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).
    5. Hu, Tai-Wei, 2021. "Optimal monetary policy with interest on reserves and capital over-accumulation," Journal of Economic Theory, Elsevier, vol. 196(C).
    6. Malik, Sikandar Hayyat & Saba, Irum, 2025. "Navigating the intersection of competition and performance in the banking sector: A hybrid review," Research in International Business and Finance, Elsevier, vol. 76(C).
    7. Adão, Bernardino & Silva, André C., 2020. "The effect of firm cash holdings on monetary policy," European Economic Review, Elsevier, vol. 128(C).
    8. 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.
    9. Liu, Yu-Chen & Li, Yiting, 2024. "Corporate finance, collateralized borrowing, and monetary policy," European Economic Review, Elsevier, vol. 170(C).
    10. Dong, Mei & Huangfu, Stella & Sun, Hongfei & Zhou, Chenggang, 2021. "A macroeconomic theory of banking oligopoly," European Economic Review, Elsevier, vol. 138(C).
    11. He, Chao & Fan, Xiaodong, 2024. "The paradox of search intensity," Journal of Economic Theory, Elsevier, vol. 221(C).
    12. Madison, Florian, 2024. "Asymmetric information in frictional markets for liquidity: Collateralized credit vs asset sale," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
    13. Zachary Bethune & Guillaume Rocheteau & Russell Wong & Cathy Zhang, 2020. "Lending Relationships and Optimal Monetary Policy," Working Paper 20-13, Federal Reserve Bank of Richmond.
    14. Laura Bakkensen & Toan Phan & Russell Wong, 2023. "Leveraging the Disagreement on Climate Change: Theory and Evidence," Working Paper 23-01, Federal Reserve Bank of Richmond.
    15. Araujo, Luis & Minetti, Raoul & Murro, Pierluigi, 2021. "Relationship finance, informed liquidity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 193(C).

  4. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "An Information-Based Theory of Financial Intermediation," Working Paper 19-12, Federal Reserve Bank of Richmond.

    Cited by:

    1. Weill, Pierre-Olivier & Hugonnier, Julien & Lester, Benjamin, 2020. "Heterogeneity in Decentralized Asset Markets," CEPR Discussion Papers 14274, Centre for Economic Policy Research.
    2. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    3. Weill, Pierre-Olivier & Dugast, Jérôme & Uslu, Semih, 2019. "A Theory of Participation in OTC and Centralized Markets," CEPR Discussion Papers 14258, Centre for Economic Policy Research.
    4. Justice Iddrisu Lambon & Evans O. N. D. Ocansey, PhD & Opoku Kwaku Ababio, PhD, 2025. "Influence of Employment on Economic Growth in Sub-Saharan Africa. Does Financial Stability Matter?," International Journal of Finance, CARI Journals Limited, vol. 10(5), pages 34-51.
    5. Lucas Dyskant & Andre C. Siva & Bruno Sultanum, 2025. "Trading choices," Nova SBE Working Paper Series wp675, Universidade Nova de Lisboa, Nova School of Business and Economics.
    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. Lester, Benjamin & Shourideh, Ali & Venkateswaran, Venky & Zetlin-Jones, Ariel, 2023. "Market-making with search and information frictions," Journal of Economic Theory, Elsevier, vol. 212(C).
    8. Farboodi, Maryam & Jarosch, Gregor & Menzio, Guido & Wiriadinata, Ursula, 2025. "Intermediation as rent extraction," Journal of Economic Theory, Elsevier, vol. 227(C).
    9. Javier A. Birchenall, 2025. "Plague and prejudice: disease, discrimination, and social exclusion," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 80(1), pages 381-415, August.
    10. 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.
    11. Sannino, Francesco, 2026. "Committing to trade: A theory of intermediation," Journal of Financial Economics, Elsevier, vol. 178(C).

  5. Zachary Bethune & Tai-Wei Hu & Guillaume Rocheteau, 2017. "Online Appendix to "Optimal Credit Cycles"," Online Appendices 17-63, Review of Economic Dynamics.

    Cited by:

    1. 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.
    2. 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).

  6. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2017. "Asset Issuance in Over-the-Counter Markets," Working Paper 17-13, Federal Reserve Bank of Richmond.

    Cited by:

    1. 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.
    2. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    3. Pierre-Olivier Weill, 2020. "The search theory of OTC markets," NBER Working Papers 27354, National Bureau of Economic Research, Inc.
    4. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2018. "Inefficiency in a Simple Model of Production and Bilateral Trade," Economic Quarterly, Federal Reserve Bank of Richmond, issue 3Q, pages 137-151.
    5. Julian Kozlowski, 2017. "Long-Term Finance and Investment with Frictional Asset Markets," Working Papers 2018-12, Federal Reserve Bank of St. Louis.
    6. Lebeau, Lucie, 2020. "Credit frictions and participation in over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 189(C).
    7. Arseneau, David M. & Rappoport W., David E. & Vardoulakis, Alexandros P., 2020. "Private and public liquidity provision in over-the-counter markets," Theoretical Economics, Econometric Society, vol. 15(4), November.
    8. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "An Information-Based Theory of Financial Intermediation," Working Paper 19-12, Federal Reserve Bank of Richmond.
    9. 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.

  7. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2016. "Private Information in Over-the-Counter Markets," Working Paper 16-16, Federal Reserve Bank of Richmond.

    Cited by:

    1. 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.
    2. 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.
    3. Julian Kozlowski, 2017. "Long-Term Finance and Economic Development: The Role of Liquidity in Corporate Debt Markets," 2017 Meeting Papers 699, Society for Economic Dynamics.
    4. Julian Kozlowski, 2017. "Long-Term Finance and Investment with Frictional Asset Markets," Working Papers 2018-12, Federal Reserve Bank of St. Louis.
    5. Hugonnier, Julien & Weill, Pierre-Olivier & Lester, Benjamin, 2018. "Frictional intermediation in over-the-counter markets," CEPR Discussion Papers 13126, Centre for Economic Policy Research.
    6. 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).
    7. 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.
    8. Sultanum, Bruno, 2018. "Financial fragility and over-the-counter markets," Journal of Economic Theory, Elsevier, vol. 177(C), pages 616-658.

Articles

  1. Zachary Bethune & Guillaume Rocheteau, 2023. "Unemployment and the Distribution of Liquidity," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(4), pages 742-787.

    Cited by:

    1. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    2. Gu, Chao & Jiang, Janet Hua & Wang, Liang, 2025. "Credit conditions, inflation, and unemployment," Journal of Economic Theory, Elsevier, vol. 230(C).

  2. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2022. "An Information-based Theory of Financial Intermediation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2381-2444.
    See citations under working paper version above.
  3. Zachary Bethune & Guillaume Rocheteau & Tsz-Nga Wong & Cathy Zhang, 2022. "Lending Relationships and Optimal Monetary Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(4), pages 1833-1872.
    See citations under working paper version above.
  4. Zachary Bethune & Michael Choi & Randall Wright, 2020. "Frictional Goods Markets: Theory and Applications," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(2), pages 691-720.

    Cited by:

    1. Shouyong Shi, 2019. "Sequentially Mixed Search and Equilibrium Price Dispersion," 2019 Meeting Papers 322, Society for Economic Dynamics.
    2. Rabinovich, Stanislav & Wolthoff, Ronald, 2022. "Misallocation inefficiency in partially directed search," Journal of Economic Theory, Elsevier, vol. 206(C).
    3. Stanislav Rabinovich & Ronald Wolthoff, 2020. "Misallocation Effects of Labor Market Frictions," Working Papers tecipa-662, University of Toronto, Department of Economics.
    4. 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).
    5. van Buggenum, Hugo & Rabinovich, Stanislav, 2023. "Co-essentiality of money and credit: A mechanism-design view," Journal of Economic Theory, Elsevier, vol. 213(C).
    6. John Duffy & Lucie Lebeau & Daniela Puzzello, 2021. "Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory," Working Papers 2113, Federal Reserve Bank of Dallas.
    7. Athanasios, Geromichalos & Kuk Mo, Jung, 2016. "Monetary Policy and Efficiency in Over-the-Counter Financial Trade," MPRA Paper 71455, University Library of Munich, Germany.
    8. 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.
    9. Nicolas Petrosky-Nadeau & Etienne Wasmer & Philippe Weil, 2021. "When Hosios meets Phillips: Connecting Efficiency and Stability to Demand Shocks," Working Papers ECARES 2021-06, ULB -- Universite Libre de Bruxelles.
    10. 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.
    11. Garth Baughman & Stanislav Rabinovich, 2018. "Self-confirming Price Dispersion in Monetary Economies," Finance and Economics Discussion Series 2018-046, Board of Governors of the Federal Reserve System (U.S.).
    12. Huanxing Yang, 2020. "Targeted search, endogenous market segmentation, and wage inequality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(2), pages 367-414, March.
    13. Menzio, Guido, 2024. "Search theory of imperfect competition with decreasing returns to scale," Journal of Economic Theory, Elsevier, vol. 218(C).
    14. Shi, Shouyong, 2023. "Sequentially mixed search and equilibrium price dispersion," Journal of Economic Theory, Elsevier, vol. 213(C).
    15. Jiang, Janet Hua & Puzzello, Daniela & Zhang, Cathy, 2023. "Inflation, Output, and Welfare in the Laboratory," European Economic Review, Elsevier, vol. 152(C).
    16. Gu, Chao & Jiang, Janet Hua & Wang, Liang, 2025. "Credit conditions, inflation, and unemployment," Journal of Economic Theory, Elsevier, vol. 230(C).
    17. Athanasios Geromichalos & Lucas Herrenbrueck & Changhyun Lee & Sukjoon Lee, 2024. "What’s so Inconvenient About TIPS?," Working Papers 364, University of California, Davis, Department of Economics.
    18. 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.
    19. Zachary Bethune & Joaquín Saldain & Eric R. Young, 2024. "Consumer Credit Regulation and Lender Market Power," Staff Working Papers 24-36, Bank of Canada.
    20. Gong, Grace Xun & Qiao, Ziqi & Wright, Randall, 2025. "Revisiting the Rubinstein-Wolinsky model of middlemen," Journal of Economic Behavior & Organization, Elsevier, vol. 240(C).
    21. Lee, Heon, 2025. "On the instability of fractional reserve banking," European Economic Review, Elsevier, vol. 178(C).
    22. Chao He & Randall Wright, 2019. "On Complicated Dynamics in Simple Monetary Models," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(6), pages 1433-1453, September.
    23. Kultti, Klaus & Pekkarinen, Teemu, 2021. "Equilibrium price and advertisement distributions," Journal of Mathematical Economics, Elsevier, vol. 97(C).
    24. 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.
    25. Liang Wang, 2016. "Endogenous Search, Price Dispersion, and Welfare," Working Papers 201616, University of Hawaii at Manoa, Department of Economics.
    26. Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.

  5. 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.
    See citations under working paper version above.
  6. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.

    Cited by:

    1. 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.
    2. Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
    3. 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).
    4. Littlejohn, Maximillian, 2025. "The credit card and small business lending channels of monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 171(C).
    5. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    6. van Buggenum, Hugo & Rabinovich, Stanislav, 2023. "Co-essentiality of money and credit: A mechanism-design view," Journal of Economic Theory, Elsevier, vol. 213(C).
    7. Araujo, Luis & Hu, Tai-Wei, 2018. "Optimal monetary interventions in credit markets," Journal of Economic Theory, Elsevier, vol. 178(C), pages 455-487.
    8. Rocheteau, Guillaume & Wang, Lu, 2023. "Endogenous liquidity and volatility," Journal of Economic Theory, Elsevier, vol. 210(C).
    9. Cui, Wei & Kaas, Leo, 2021. "Default cycles," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 377-394.
    10. Gu, Chao, 2023. "Endogenous cycles in a competitive search credit market," Economics Letters, Elsevier, vol. 229(C).
    11. Fabienne Schneider & Remo Taudien, 2024. "Credit and Anonymity," Working Papers 24.04, Swiss National Bank, Study Center Gerzensee.
    12. Kang, Kee-Youn & Jang, Inkee, 2020. "Dynamic Adverse Selection and Belief Update in Credit Markets," MPRA Paper 99071, University Library of Munich, Germany.
    13. 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.
    14. Benhabib, Jess & Dong, Feng & Wang, Pengfei & Xu, Zhenyang, 2025. "Aggregate demand externality and self-fulfilling default cycles," Journal of Monetary Economics, Elsevier, vol. 156(C).

  7. Zachary Bethune & Tai-Wei Hu & Guillaume Rocheteau, 2018. "Optimal Credit Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 27, pages 231-245, January.
    See citations under working paper version above.
  8. 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.

    Cited by:

    1. Gajendran Raveendranathan & Georgios Stefanidis, 2020. "The Unprecedented Fall in U.S. Revolving Credit," Department of Economics Working Papers 2020-05, McMaster University.
    2. 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.
    3. Thomas Brzustowski & Nicolas Petrosky-Nadeau & Etienne Wasmer, 2016. "Disentangling Goods, Labor, and Credit Market Frictions in Three European Economies," Sciences Po Economics Publications (main) hal-03567961, HAL.
    4. Niu, Yingjie & Tang, Zian & Yang, Jinqiang, 2026. "Robust human capital investment," Economics Letters, Elsevier, vol. 260(C).
    5. Dong, Mei & Huangfu, Stella & Sun, Hongfei, 2020. "A Macroeconomic Theory of Banking Oligopoly," Working Papers 2020-12, University of Sydney, School of Economics.
    6. Miroslav Gabrovski & Ioannis Kospentaris & Lucie Lebeau, 2024. "The Macroeconomics of Labor, Credit and Financial Market Imperfections," Working Papers 2409, Federal Reserve Bank of Dallas.
    7. Mohammed Ait Lahcen & Garth Baughman & Hugo van Buggenum, 2023. "Racial unemployment gaps and the disparate impact of the inflation tax," ECON - Working Papers 433, Department of Economics - University of Zurich.
    8. J. Carter Braxton & Gordon Phillips & Kyle Herkenhoff, 2018. "Can the Unemployed Borrow? Implications for Public Insurance," 2018 Meeting Papers 564, Society for Economic Dynamics.
    9. Gajendran Raveendranathan, 2018. "Improved Matching, Directed Search, and Bargaining in the Credit Card Market," Department of Economics Working Papers 2018-05, McMaster University.
    10. Giorgia Piacentino & Anjan Thakor & Jason Donaldson, 2015. "Bank Capital, Bank Credit and Unemployment," 2015 Meeting Papers 1403, Society for Economic Dynamics.
    11. 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).
    12. Littlejohn, Maximillian, 2025. "The credit card and small business lending channels of monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 171(C).
    13. Diego Legal & Eric Young, 2024. "Consumer Bankruptcy and Unemployment Insurance," Working Papers 24-09, Federal Reserve Bank of Cleveland.
    14. Carli, Francesco & Gomis-Porqueras, Pedro, 2021. "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, vol. 132(C).
    15. Lutho Mbekeni & Andrew Phiri, 2019. "South African unemployment in the post-financial crisis era: What are the determinants?," Working Papers 1903, Department of Economics, Nelson Mandela University, revised May 2019.
    16. Qian Chen & Christoffer Koch & Gary Richardson & Padma Sharma, 2020. "Payments Crises and Consequences," Research Working Paper RWP 20-10, Federal Reserve Bank of Kansas City.
    17. Mohammed Ait Lahcen & Garth Baughman & Stanislav Rabinovich & Hugo van Buggenum, 2021. "Nonlinear unemployment effects of the inflation tax," ECON - Working Papers 390, Department of Economics - University of Zurich.
    18. Kyle Herkenhoff & Gordon Phillips & Ethan Cohen-Cole, 2017. "How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output," Working Papers 2017-012, Human Capital and Economic Opportunity Working Group.
    19. 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.
    20. Suhal Kusairi & Suriyani Muhamad & M Musdholifah & Shu-Chen Chang, 2019. "Labor Market and Household Debt in Asia Pacific Countries: Dynamic Heterogeneous Panel Data Analysis," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 10(02), pages 1-15, June.
    21. 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.
    22. Kyle F. Herkenhoff, 2018. "The Impact of Consumer Credit Access on Unemployment," NBER Working Papers 25187, National Bureau of Economic Research, Inc.
    23. Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
    24. 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.
    25. Chen, Qian & Koch, Christoffer & Richardson, Gary & Sharma, Padma, 2025. "Suspensions of payments and their consequences," Journal of Financial Stability, Elsevier, vol. 78(C).
    26. Bethune, Zachary & Hu, Tai-Wei & Rocheteau, Guillaume, 2018. "Indeterminacy in credit economies," Journal of Economic Theory, Elsevier, vol. 175(C), pages 556-584.
    27. Gu, Chao & Jiang, Janet Hua & Wang, Liang, 2025. "Credit conditions, inflation, and unemployment," Journal of Economic Theory, Elsevier, vol. 230(C).
    28. 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.
    29. Chao Gu & Janet Hua Jiang & Liang Wang, 2025. "Credit Conditions, Inflation, and Unemployment," Staff Working Papers 25-26, Bank of Canada.
    30. 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.

Software components

  1. Zachary Bethune & Bruno Sultanum & Nicholas Trachter, 2019. "Code and data files for "Asset Issuance in Over-the-Counter Markets"," Computer Codes 18-275, Review of Economic Dynamics.
    See citations under working paper version above.
  2. Zachary Bethune & Tai-Wei Hu & Guillaume Rocheteau, 2017. "Code and data files for "Optimal Credit Cycles"," Computer Codes 17-63, Review of Economic Dynamics.
    See citations under working paper version above.
  3. Zachary Bethune & Guillaume Rocheteau & Peter Rupert, 2014. "Code and data files for "Aggregate Unemployment and Household Unsecured Debt"," Computer Codes 14-29, Review of Economic Dynamics.
    See citations under working paper version above.Sorry, no citations of software components recorded.
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