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Shouyong Shi

My Papers:

Papers Under Review:

Research Papers:


Publications In Peer-Refereed Journals:
  1. "Efficient Search on the Job and the Business Cycle," (with Guido Menzio), accepted by Journal of Political Economy . (Note: This is an old version.)

  2. "An Equilibrium Theory of Learning, Search and Wages," (with Francisco M. Gonzalez), Econometrica 78 (2010), 509-537.

  3. "Block Recursive Equilibria for Stochastic Models of Search on the Job ," (with Guido Menzio), Journal of Economic Theory 145 (2010), 1453-1494.

  4. "Directed Search on the Job, Heterogeneity, and Aggregate Fluctuations," (with Guido Menzio), American Economic Review: Papers and Proceedings 100 (2010), forthcoming.

  5. "Currency Areas and Monetary Coordination," (with Qing Liu), International Economic Review 51 (2010), 813-836.


  6. "Directed Search for Equilibrium Wage-Tenure Contracts," Econometrica 77 (2009), 561-584.

  7. "Efficiency Improvement from Restricting the Liquidity of Nominal Bonds", Journal of Monetary Economics 55 (2008), 1025-1037 (DOI: 10.1016/j.jmoneco.2008.06.002).


  8. "Friedman Meets Hosios: Efficiency in Search Models of Money", (with Aleksander Berentsen and Guillaume Rocheteau), Economic Journal 117 (2007), 174-195.


  9. "Viewpoint: A Microfoundation of Monetary Economics";

  10. "The Variability of the Velocity of Money in a Search Model", (with Weimin Wang), Journal of Monetary Economics 53 (2006), 537-571.

  11. "Directed Search on the Job and the Wage Ladder", (with Alain Delacroix), International Economic Review 47 (2006), 651-699.


  12. "Signaling in the Internet Craze of Initial Public Offerings," (with Melanie Cao), Journal of Corporate Finance 12 (2006), 818-833.

  13. "Wage Differentials, Discrimination and Efficiency", European Economic Review 50 (2006), 849-875.


  14. "Nominal Bonds and Interest Rates", International Economic Review 45 (2005), 579-612.

  15. "Frictional Assignment, Part II: Infinite Horizon and Inequality", Review of Economic Dynamics 8 (2005), 106-137.
    Part I is "Frictional Assignment. I. Efficiency", Journal of Economic Theory 98 (2001), 232-260.
    Some materials of both parts I and II appeared as: "Frictional Assignment", 1998.


  16. "The Extent of the Market and Optimal Specialization", Economic Theory 25 (2005), 333-351.
    PDF of the working paper version, 2001.


  17. "A Model of Bureaucracy and Corruption", (with Ted Temzelides), International Economic Review 45 (2004), 873-908.


  18. "Search, Price Dispersion and Welfare", (with Brian Peterson), Economic Theory 24 (2004), 907-932.


  19. "International Borrowing, Specialization, and Unemployment in a Small Open Economy", (with Patrick Osakwe), Review of International Economics 12 (2004), 41-59.


  20. "A Fundamental Theory of Exchange Rates and Direct Currency Trades", (with Allen Head), Journal of Monetary Economics 50 (2003), 1555-1591.


  21. "A Directed Search Model of Inequality with Heterogeneous Skills and Skill-Biased Technology". Review of Economic Studies 69 (2002), 467-491.
    An earlier version: "Unskilled Workers in an Economy with Skill-biased Technology", 1998.


  22. "Product Market and the Size-Wage Differential", International Economic Review 43 (2002), 21-54.


  23. "Pricing and Matching with Frictions", (with Kenneth Burdett and Randall Wright), Journal of Political Economy 109 (2001, no.5), 1060-1085.


  24. "Frictional Assignment. I. Efficiency", Journal of Economic Theory 98 (2001), 232-260.


  25. "Liquidity, Bargaining, and Multiple Equilibria in a Search Monetary Model", Annals of Economics and Finance 2 (2001), 191-217.


  26. "Screening, Bidding, and the Loan Market Tightness", (with Melanie Cao), European Finance Review 5 (2001), 21-61. (Renamed Review of Finance .)


  27. "Bargains, Barter, and Money," (with Merwan Engineer), Review of Economic Dynamics 4 (2001), 188-209.


  28. "Coordination, Matching, and Wages," (with Melanie Cao), Canadian Journal of Economics 33 (2000), 1009-1033.


  29. "Innovation, Imitation, and Welfare-Improving Cycles", (with Patrick Francois), Journal of Economic Theory 85 (1999), 226-257.


  30. "Search, Inflation, and Capital Accumulation", Journal of Monetary Economics 44 (1999), 81-103.


  31. "Fashion and Wealth Accumulation", Economic Theory 14 (1999), 439-461.


  32. "Labor Market Search and the Dynamic Effects of Taxes and Subsidies", (with Quan Wen), Journal of Monetary Economics 43 (1999), 457-495.


  33. "Money, Capital, and the Redistributive Effect of Monetary Policies", Journal of Economic Dynamics and Control 23 (1999), 565-590.


  34. "Search for a Monetary Propagation Mechanism", Journal of Economic Theory 81 (1998), 314-352.


  35. "Asymmetry, Imperfectly Transferable Utility, and Fiat Money in Improving the Terms of Trade", (with Merwan Engineer), Journal of Monetary Economics 41 (1998), 153-183.


  36. "Bargaining with Surplus Destruction", (with Lutz-Alexander Busch and Quan Wen), Canadian Journal of Economics 31 (1998), 915-932.


  37. "Stochastic Relation between Money and Capital in an Economy with Spatially Separated Markets", Review of Economic Dynamics 1 (1998), 754-780.


  38. "Money and Specialization", Economic Theory 10 (1997), 99-113.


  39. "Labor Market Search and Capital Accumulation: Some Analytical Results", (with Quan Wen), Journal of Economic Dynamics and Control 21 (1997), 1747-1776.


  40. "A Divisible Search Model of Fiat Money", Econometrica 65 (1997), 75-102.


  41. "Credit and Money in a Search Model with Divisible Commodities", Review of Economic Studies 63 (1996), 627-652.


  42. "Money and Prices: A Model of Search and Bargaining", Journal of Economic Theory 67 (1995), 467-496.


  43. "Asymmetric Information, Credit Rationing, and Economic Growth", Canadian Journal of Economics 29 (1996), 665-687.


  44. "Weakly Nonseparable Preferences and Distortionary Taxes in a Small Open Economy", International Economic Review 35 (1994), 411-428.


  45. "Habits and Time Preference", (with Larry Epstein), International Economic Review 34 (1993), 61-84.


  46. "Capital Accumulation and the Current Account in a Two-Country Model", (with Michael Devereux), Journal of International Economics 30 (1991), 1-25.


  47. "Rothschild-Stiglitz Competitive Insurance Market under Quasi-linear Preferences", Economic Letters 27 (1988), 27-30.


  48. "Rational Expectation Equilibrium under Quasilinear Preferences: A Diagrammatic Approach", Economic Letters 26 (1988), 107-110.


Other Publications: