This article provides an introduction to New Monetarist Economics. This branch of macro
and monetary theory emphasizes imperfect commitment, information problems, and …

We study asset liquidity in a search-theoretic framework where divisible assets can facilitate
exchange for an indivisible consumption good. The distinctive characteristics of our theory …

Both buyers and sellers in decentralized markets make investments ex ante that constrain
trading possibilities ex post: buyers decide in advance how much money to carry, while …

In this study, we investigate a search model with divisible fiat money in a laboratory setting.
In the model, there are multiple equilibria with various money holdings distributions. The …

We study an economy characterized by competitive search and asymmetric information.
Money is essential. Buyers decide their cash holdings after observing the contracts posted …

We study asset pricing of divisible assets based on consumption decisions of indivisible
goods in a frictional market. Indivisibility matters for equilibria along with the trading …