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Publications

Academic Publications 

Liquidity in Asset Markets with Search Frictions 2008, Econometrica (Forthcoming). Joint with Ricardo Lagos.

Inflation and Welfare in Models with Trading Frictions 2006, in Monetary Policy in Low Inflation Economies, Ed Nosal and Dave Altig, Cambridge University Press, Forthcoming. Joint with Randall Wright.

Crime and the labor market: A search model with optimal contracts 2008, Journal of Public Economics 92, 1876-1891. Joint with Bryan Engelhardt and Peter Rupert.

General Equilibrium with Nonconvexities and Money 2008, Journal of Economic Theory 142, 294-317. Joint with Peter Rupert, Karl Shell and Randall Wright.

Money and Capital as Competing Media of Exchange 2008, Journal of Economic Theory 142, 247-258. Joint with Ricardo Lagos.

State-Dependent Pricing, Inflation and Welfare 2008, European Economic Review 52, 441-468. Joint with Ben Craig. 

Inflation and Welfare: A Search Approach 2008, Journal of Money, Credit and Banking 40, 89-120. Joint with Ben Craig.

Bargaining and the value of money 2007, Journal of Monetary Economics 54, 2636-2655.
Joint with Boragan Aruoba and Christopher Waller.

Search in Assets Markets: Market structure, liquidity and welfare 2007, American Economic Review 97 (Papers and proceedings), 198-202. Joint with Ricardo Lagos.

Friedman Meets Hosios: On efficiency in Search Models of Money 2007, Economic Journal 117, 174-195. Joint with Aleksander Berentsen and Shouyong Shi.

Inflation, Output and Welfare 2005, International Economic Review 46, 495-522. Joint with Ricardo Lagos.

Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium 2005, Econometrica 73, 175-202. Joint with Randall Wright.

Money and Information 2004, Review of Economic Studies, 71, 915-944. Joint with Aleksander Berentsen.

On the Friedman Rule in Search Models with Divisible Money 2003, Contributions to Macroeconomics, 3, No. 1, Article 11. Joint with Aleksander Berentsen.

Money and the Gains from Trade 2003, International Economic Review, 44, 263-297. Joint with Aleksander Berentsen.

On the Efficiency of Monetary Exchange : How divisibility of Money Matters ?
2002, Journal of Monetary Economics 49, 1621-1649. Joint with Aleksander Berentsen.

On the Launching of a New Currency 2002, Journal of Money, Credit, and Banking, 34. Joint with Sebastien Lotz.

Working Time Regulation in a Search Economy with Worker Moral Hazard 2002, Journal of Public Economics 84, 387-425.

Equilibrium Unemployment and Wage Formation with Matching Frictions and Worker Moral Hazard 2001, Labour Economics 8, 75-102

Théorie de la Recherche, i.e. Search Theory, 2001, In Dictionnaire des Sciences Economique, Eds Claude Jessua, Christian Labrousse and Daniel Vitry, Presses Universitaires de France.

Substitution des Monnaies et Cours Légal, i.e. Currency Substitution and Legal Tender, 2001, Revue d'Economie Politique 111, 459-480. Joint with Sebastien Lotz.

Monnaie et Termes de l'Echange dans les Modèles de Prospection, i.e. Money and Terms of Trade in Search-Theoretic Models, 2001, Revue d'Economie Politique 111, 377-399. Joint with Aleksander Berentsen.

Search, Price Illusion and Welfare 2000, Journal of Macroeconomics 22, 109-124. Joint with Damien Besancenot and Radu Vranceanu.

La Quantité Optimale de Monnaie dans un Modèle avec Appariements Aléatoires, i.e. The Optimum Quantity of Money in a Simple Random Matching Model, 2000, Les Annales d'Economie et Statistique 58, 101-142.

Can an Unemployment System Generate Multiple Natural Rates ? 1999, International Tax and Public Finance 6, 379-387.

Balanced-Budget Rules and Indeterminacy of the Equilibrium Unemployment Rate 1999, Oxford Economic Papers 51, 399-409.

Choix de Recrutement, Salaire et Chômage d'Equilibre, i.e. Recruitment Choices, Wages and Equilibrium Unemployment, 1999, Revue Economique 50, 937-964.

Fed Publications

"Coordination Failures in the Labor Market" 2007, November, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with MuratTasci)

"The Minimum Wage and the Labor Market." 2007, May 1, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Murat Tasci)

"Understanding unemployment." 2006, October 15, Economic Commentary of the Federal Reserve Bank of Cleveland

"Economics of payments" 2006, Policy Discussion Paper of the Federal Reserve Bank of Cleveland, no 14
(joint with Ed Nosal)

"Inflation and welfare: A search approach" 2006, Policy Discussion Paper of the Federal Reserve Bank of Cleveland, no 12  (joint with Ben Craig)

"The tale of Gresham's law" 2005, October 1, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Richard Dutu and Ed Nosal)

"Rethinking the welfare cost of inflation" 2005, March 1, Economic Commentary of the Federal Reserve Bank of Cleveland (joint with Ben Craig)

"The fate of the one-dollar coins in the U.S." 2004, October 15, Economic Commentary of the Federal Reserve Bank of Cleveland  (joint with Sebastien Lotz)