The PI's proposed and past NSF research studies monetary economics using search theory, other applications of search, macro-labor models, and related topics in theory and quantitative analysis. Monetary economics constitutes much of the work. This research has had an impact, helping start a new subfield one might call "search-theoretic monetary economics" or "macro with microfoundations for money." It has recently grown rapidly: the bibliography on the PI's website listing only work that uses the approach introduced in his two recent NSF grants will include over 100 papers by the next update. His own 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 Impacts The 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.
