Search, money, and capital: a neoclassical dichotomy
S. Boragan Aruoba () and
Randall Wright ()
Proceedings, 2003, pages 1085-1117
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)
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Working Paper: Search, money and capital: a neoclassical dichotomy (2002)
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