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 …

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 …

This essay surveys the literature on directed/competitive search, covering theory and
applications in, eg, labor, housing and monetary economics. These models share features …

This paper explores the long-run relationships between inflation, unemployment and capital
accumulation by proposing a model with search frictions in both goods and labor markets …

Long-run inflation has nonlinear and state-dependent effects on unemployment, output, and
welfare. We show this using a standard monetary search model with two shocks–productivity …

This paper studies the long run implications of monetary policy on unemployment and output
in economies with a large informal sector. I present a monetary model with frictional labor …

We study the nonlinearities present in a standard monetary labor search model modified to
have two groups of workers facing exogenous differences in the job finding and separation …

We study the impact of fiscal policies on the inherent links between inflation, unemployment,
and asset prices in an environment where firms provide liquidity and the central bank follows …

Considering the sustainability of social security in an aging society with fewer children,
income growth and population growth are important factors. With a decrease in income …

We discover a consumption channel of monetary policy in a model with money and
government bonds. When the central bank withdraws government bonds (short-term or long …