This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …

Equilibrium models of labor markets characterized by search and recruiting friction and by
the need to reallocate workers from time to time across alternative productive activities …

This paper develops a new framework for examining the determinants of wage distributions
that emphasizes within‐industry reallocation, labor market frictions, and differences in …

We survey the literature on search-theoretic models of the labor market. We show how this
approach addresses many issues, including the following: Why do workers sometimes …

Toward understanding assortative matching, this is a self-contained introduction to research
on search and matching. We first explore the nontransferable and perfectly transferable …

We compare three market structures for monetary economies: bargaining (search
equilibrium); price taking (competitive equilibrium); and price posting (competitive search …

Suppose that n buyers each want one unit and m sellers each have one or more units of a
good. Sellers post prices, and then buyers choose sellers. In symmetric equilibrium, similar …

This essay surveys the literature on directed search and competitive search equilibrium,
covering theory and a variety of applications. These models share features with traditional …

We study economies with adverse selection, plus the frictions in competitive search theory.
With competitive search, principals post terms of trade (contracts), then agents choose …

The purpose of this chapter is twofold. First, it reviews the model of search and matching
equilibrium and derives the properties of employment and unemployment equilibrium …