Monetary and Macro Economics

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Intellectual MeritThe PI's proposed and past NSF research studies monetary economics usingsearch theory, other applications of search, macro-labor models, and relatedtopics in theory and quantitative analysis. Monetary economics constitutesmuch of the work. This research has had an impact, helping start a new subfieldone might call "search-theoretic monetary economics" or "macro withmicrofoundations for money." It has recently grown rapidly: the bibliographyon the PI's website listing only work that uses the approach introduced in histwo recent NSF grants will include over 100 papers by the next update. Hisown publications indicate that the research is having an impact in the journals. He also has many current and former Ph.D. students working in the area.Broader ImpactsThe PI's proposed and past NSF research not only has had an impact in the academic community, it is being recognized as relevant for policy discussion in many circles. In recent years, several conferences, seminars, and week long workshops were devoted to the approach at the Federal Reserve Banks of Cleveland, Chicago and Philadelphia, the Bank of Canada, the IMF, and similar institutions. The PI is in the process of developing a new undergraduate course on "Market with Frictions" that presents this material to college seniors, and he taught an experimental version last semester.