Money with partially directed search

Dror Goldberg

Research output: Contribution to journalArticlepeer-review

6 Scopus citations


Partially directed search replaces the total randomness of monetary search models. Agents choose whether to stay in their production location or visit other locations. Each visiting agent randomly chooses one shop among many in each location. As in random matching models, a commodity or fiat object can endogenously become money, but the details are richer and conform better with evidence: any commodity can be money; the "best" commodity is the most likely money; fiat money can totally crowd out commodity money in an asymmetric environment; going shopping is more likely than door-to-door sales. The model nests Walrasian equilibria.

Original languageEnglish
Pages (from-to)979-993
Number of pages15
JournalJournal of Monetary Economics
Issue number4
StatePublished - May 2007
Externally publishedYes


  • Directed search
  • Markets
  • Money
  • Shops


Dive into the research topics of 'Money with partially directed search'. Together they form a unique fingerprint.

Cite this