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Search, money, and capital: a neoclassical dichotomy

S. Boragan Aruoba () and Randall Wright ()

Proceedings, 2003, pages 1085-1117

Abstract: Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating into the search model some centralized markets as well as some decentralized markets where money is essential. This paper takes a further step toward this integration by introducing labor, capital, and neoclassical firms. The resulting framework nests a search-theoretic monetary model and a standard neoclassical growth model as special cases.

Keywords: Monetary theory; Money; Search theory (search for similar items in EconPapers)
Date: 2003
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