This essay surveys the new monetarist approach to liquidity. Work in this literature strives for
empirical and policy relevance, plus rigorous foundations. Questions include: What is …

This essay surveys the literature on directed search and competitive search equilibrium,
covering theory and a variety of applications. These models share features with traditional …

The purpose of this paper is to discuss some of the models used in New Monetarist
Economics, which is our label for a body of recent work on money, banking, payments …

We develop a general stochastic model of directed search on the job. Directed search
allows us to focus on a Block Recursive Equilibrium (BRE) where agents' value functions …

We study trading dynamics in an asset market where the quality of assets is private
information and finding a counterparty takes time. When trading ceases in equilibrium as a …

This essay surveys the literature on directed/competitive search, covering theory and
applications in, eg, labor, housing and monetary economics. These models share features …

This article argues that a pressing goal for macroeconomics is to incorporate financial
considerations, but we need models with solid microfoundations. In particular, the use of …

We analyse dynamic general equilibrium models with more-or-less directed search by
informed buyers and random search by uninformed buyers. This nests existing …

We provide a series of results for a standard model where exchange is facilitated by liquid
assets. Compared to past work, minimal structure is imposed on the mechanism determining …

We construct a continuous‐time new‐monetarist economy that displays an endogenous,
nondegenerate distribution of money holdings. Properties of equilibria are obtained …