We use two quasi-natural experiments that encouraged the use of debit cards and facilitated
the use of ATMs in Mexico to estimate the elasticity of crime and informality to the availability …

We study a search-theoretic model of imperfect competition in product markets where sellers
make an ex ante investment in the quality of their product variety. Equilibrium exists and is …

We analyse dynamic general equilibrium models with more-or-less directed search by
informed buyers and random search by uninformed buyers. This nests existing …

ABSTRACT I derive a formula for the equilibrium distribution of markups in the search-
theoretic model of imperfect competition of Butters (1977), Varian (1980), and Burdett and …

Under what conditions are money and credit jointly essential for trade? We answer this
question by applying a mechanism-design approach to a standard monetary search model …

We study the foundations of firms' market power in a continuous-time model where agents
are price-makers who interact explicitly with each other. Market power arises from the …

We construct a continuous-time, monetary model with frictional goods and labor markets to
revisit the long-run relationship between inflation and unemployment. By endogenizing the …

This paper develops a monetary-search model where the money multiplier is endogenously
determined. I show that when the central bank pays interest on reserves, the money …

We study asset liquidity in a search-theoretic framework where divisible assets can facilitate
exchange for an indivisible consumption good. The distinctive characteristics of our theory …

We construct a continuous-time, monetary model with frictional goods and labor markets to
revisit the long-run relationship between inflation and unemployment. The novelty relative to …