Search, money, and capital: a neoclassical dichotomy
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.
Status: Published in Journal of money, credit, and banking, volume 35, no. 6, pt. 2, December 2003
Provider: Federal Reserve Bank of Cleveland
Part of Series: Proceedings
Publication Date: 2003