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作者：Albrecht, James; Anderson, Axel; Vroman, Susan
作者单位：Georgetown University
摘要：We consider the problem of sequential search when the decision to stop is made by a committee and show that a unique symmetric stationary equilibrium exists given a log concave distribution of rewards. We compare search by committee to the corresponding single-agent problem and show that committee members are less picky and more conservative than the single agent. We show how (i) increasing committee size holding the plurality fraction constant and (ii) increasing the plurality rule affect the...
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作者：Eeckhout, Jan; Kircher, Philipp
作者单位：University of Pennsylvania; ICREA; Pompeu Fabra University; University of Oxford
摘要：In a market where sellers compete by posting trading mechanisms, we allow for a general search technology and show that its features crucially affect the equilibrium mechanism. Price posting prevails when meetings are rival, i.e., when a meeting by one buyer reduces another buyer's meeting probability. Under price posting buyers reveal their type by sorting ex-ante. Only if the meeting technology is sufficiently non-rival, price posting is not an equilibrium. Multiple buyer types then visit th...
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作者：Sanches, Daniel; Williamson, Stephen
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：We study the interplay among imperfect memory, limited commitment, and theft, in an environment that can support monetary exchange and credit. Imperfect memory makes money useful, but it also permits theft to go undetected, and therefore provides lucrative opportunities for thieves. Limited commitment constrains credit arrangements, and the constraints tend to tighten with imperfect memory, as this mitigates punishment for bad behavior in the credit market. Theft matters for optimal monetary p...
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作者：Lagos, Ricardo
作者单位：New York University
摘要：I characterize a large family of monetary policies that implement Milton Friedman's prescription of zero nominal interest rates in a monetary search economy with multiple assets and aggregate uncertainty. This family of optimal policies is defined by two properties: (i) the money supply must be arbitrarily close to zero for an infinite number of dates, and (ii) asymptotically, on average (over the dates when fiat money plays an essential role), the growth rate of the money supply must be at le...
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作者：Menzio, Guido; Shi, Shouyong
作者单位：University of Toronto; University of Pennsylvania; National Bureau of Economic Research
摘要：We develop a general stochastic model of directed search on the job. Directed search allows its to focus on a Block Recursive Equilibrium (BRE.) where agents value functions, policy functions and market tightness do not depend on the distribution of workers over wages and unemployment. We formally prove existence of a BRE under various specifications of workers' preferences and contractual environments, including dynamic contracts and fixed-wage contracts. Solving a BRE is as easy as solving a...
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作者：Lentz, Rasmus
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：In this paper, I characterize matching in an on-the-job search model with endogenous search intensity, heterogeneous workers and firms, and match surplus is shared between workers and firms through bargaining. I provide proof of existence and uniqueness of steady state equilibrium. Given equally efficient matched and unmatched search, the worker skill conditional distribution of firm productivity over matches is stochastically increasing (decreasing) in worker skill if the production function ...
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作者：Duffie, Darrell; Malamud, Semyon; Manso, Gustavo
作者单位：Stanford University; Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Massachusetts Institute of Technology (MIT)
摘要：We calculate learning rates when agents are informed through public and private observation of other agents' actions. We characterize the evolution of the distribution of posterior beliefs. If the private learning channel is present, convergence of the distribution of beliefs to the perfect-information limit is exponential at a rate equal to the sum of the mean arrival rate of public information and the mean rate at which individual agents are randomly matched with other agents. If, however, t...
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作者：Burdett, Ken; Coles, Melvyn
作者单位：University of Pennsylvania; University of Essex
摘要：This paper investigates equilibria where firms post wage/tenure contracts and risk averse workers search for new job opportunities whether employed or unemployed. We generalize previous work by assuming firms have different productivities. Equilibrium implies more productive firms always offer more desirable contracts. Thus workers never quit from more productive firms for less productive firms. Nevertheless turnover is inefficient as employees with long tenures at low productivity firms may r...
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作者：Andolfatto, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Simon Fraser University
摘要：I examine optimal monetary policy in a Lagos and Wright [R. Lagos, R. Wright, A unified framework for monetary theory and policy analysis, J. Polit. Economy 113 (2005) 463-484] model where trade is centralized and all exchange is voluntary. I identify a class of incentive-feasible policies that improve welfare beyond what is achievable with zero intervention. Any policy in this class necessarily entails a non-negative inflation rate and a strictly positive nominal interest rate. Despite the ab...
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作者：Ebrahimy, Ehsan; Shimer, Robert
作者单位：University of Chicago
摘要：We develop the implications of the stock flow matching model for unemployment, vacancies, and worker flows. Workers and jobs are heterogeneous, so most worker-job pairs cannot profitably match, leading to the coexistence of unemployment and vacancies. Productivity shocks cause fluctuations in the number of jobs, which in turn cause fluctuations in other labor market variables. We derive exact expressions for employment and for worker transition rates in a finite economy and analyze their limit...
