Randall Wright

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Randall Wright
Born (1956-08-04) August 4, 1956 (age 67)
NationalityCanadian
Academic career
Institution
Matching theory
Information at IDEAS / RePEc

Randall D. Wright (born August 4, 1956) is a Canadian academic

matching theory
.

Biography

Wright obtained a

Cornell from 1984 to 1987. He then moved to the University of Pennsylvania, where he became a full professor in 1994, later becoming the James Joo-Jin Kim Professor of Economics. In 2009, Wright accepted a position in the Economics Department at University of Wisconsin–Madison. He is at the same time the Ray B. Zemon Chair in Liquid Assets in the Wisconsin School of Business
' Department of Finance, Investment and Banking.

In addition to his academic position, Wright is a research associate at the

Panthéon-Assas University. Wright was elected a Fellow of the Econometric Society
in 1997.

Wright was the editor of the International Economic Review in 1998–2008 and served on the Board of Editors of the American Economic Review in the period 1998–2000.

Research contribution

Wright, together with co-author

utility function or imposing cash-in-advance constraints. These earlier ways of modeling money's role did not show explicitly how it helps overcome informational, spatial, or temporal frictions. Search-theoretic models, on the other hand, are based on explicit descriptions of specialization
, the pattern of meetings, and the information structure.

Kiyotaki and Wright (1989) was the first attempt to use a search-theoretic model to

double coincidence of wants problem" in a pure barter
setup. In this model, the essential function of money is its role as a medium of exchange. The model can be used to address issues in monetary economics, such as the interaction between specialization and monetary exchange, and the possibility of equilibria with multiple fiat currencies.

A shortcoming of search-theoretic models of money is that these models becomes intractable without very strong assumptions, and are therefore impractical for the analysis of monetary policy. Wright and Ricardo Lagos (2005) attempt to overcome this shortcoming by proposing a more general, yet still tractable, framework for the analysis of monetary policy.

Sources

  • Nobuhiro Kiyotaki and Randall Wright (1989), "On Money as a Medium of Exchange," Journal of Political Economy, 97, 927–54.
  • Nobuhiro Kiyotaki and Randall Wright (1991), "A Contribution to the Pure Theory of Money," Journal of Economic Theory, 53, 215–35.
  • Nobuhiro Kiyotaki and Randall Wright (1993), "A search-theoretic approach to monetary economics," American Economic Review, 83 (1), 63–77.
  • Ricardo Lagos and Randall Wright (2005), "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113, 463–84.

External links

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