Wisconsin School of Business

Randall Wright

Professor - Finance
Ray B. Zemon Professor of Liquid Assets

Randall Wright is the Ray B. Zemon Professor of Liquid Assets in the Department of Finance, Investment and Banking at the Wisconsin School of Business, as well as a Professor in Wisconsin’s Department of Economics. He previously held faculty positions at the University of Pennsylvania and Cornell, and was a National Fellow at Stanford’s Hoover Institution. He is currently a consultant for the Federal Reserve Banks of Minneapolis and Chicago, a Research Associate at the National Bureau of Economic Research, where he co-organizes the Macro Perspectives group, and a Fellow of the Econometric Society and Society for the Advancement of Economic Theory. He has a B.A. (Economics) from University of Manitoba, a Ph.D. (Economics) from University of Minnesota, and an M.A. (Honorary) from University of Pennsylvania.

Professor Wright is well known for his work on monetary, macro and labor economics, with over 100 publications. From 1998 to 2008, he was the Editor of International Economic Review, and is currently Associate Editor at Journal of Economic Theory and Advisory Editor at Macroeconomic Dynamics. He has won several awards for his research, and currently has the highest “degree centrality” in economics (basically, greatest number of coauthors).
 

Selected Accepted Journal Articles


Wright, R. (2015). Liquidity: A New Monetarist Approach. Journal of Economic Literature
Wright, R. (2015). Markets, Marriage and Money: A Coasian Theory of Household Formation. International Economic Review
Wright, R. (2015). Monetary Mechanisms. Journal of Economic Theory
Wright, R. (2015). Venture Capital: A Model of Search and Bargaining. Review of Economic Dynamics
Wright, R. (2014). Search-Based Models of Money and Finance: An Integrated Approach. Journal of Economic Theory
Chiu, J. & Meh, C. & Wright, R. Innovation and Growth with Financial, and Other, Frictions. International Economic Review

Selected Published Journal Articles


Wright, R. (2016). Money and Credit Redux. Econometrica (84), 1-32.
Wright, R. (2015). Housing and Liquidity. Review of Economic Dynamics (18), 435-455.
Wong, Y. & Wright, R. (2014). Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes. International Economic Review (55), 375-398.
Mattesini, F. & Monnet, C. & Wright, R. (2013). Banking: A New Monetarist Approach. Review of Economic Studies (80), 636-662.
Gu, C. & Wright, R. (2013). Endogenous Credit Cycles. Journal of Political Economy (121), 940-965.
Rocheteau, G. & Wright, R. (2013). Liquidity and Asset Market Dynamics. Journal of Monetary Economics (60), 275-294. doi: 10.1016/j.jmoneco.2012.11.002.
Lester, B. & Postlewaite, A. & Wright, R. (2012). Information, Liquidity, Asset Prices, and Monetary Policy. Review of Economic Studies (79), 1209-1238. doi: 10.1093/restud/rds003.
Wright, R. (2012). Sticky Prices: A New Monetarist Approach. Journal of the European Economic Association (10), 939-973. doi: 10.1111/j.1542-4774.2012.01081.x.
Aruoba, S. & Waller, C. & Wright, R. (2011). Money and Capital. Journal of Monetary Economics (58), 98-116. doi: 10.1016/j.jmoneco.2011.03.003.
Liu, L. & Wang, L. & Wright, R. (2011). The "Hot Potato" Effect of Inflation. Macroeconomic Dynamics (15), 191-216. doi: 10.1017/S1365100511000046.
Williamson, S. & Wright, R. (2011). New Monetarist Economics: Models. (3A), 25-96.
Lester, B. & Postlewaite, A. & Wright, R. (2011). Liquidity and Information. Journal of Money, Credit, and Banking (43), 355–377. doi: 10.1111/j.1538-4616.2011.00440.x.
Berentsen, A. & Menzio, G. & Wright, R. (2011). Inflation and Unemployment in the Long Run. American Economic Review (101), 371-398. doi: 10.1257/aer.101.1.371.
Wright, R. (2010). A Uniqueness Proof for Monetary Steady State. Journal of Economic Theory (145), 382-391. doi: 10.1016/j.jet.2009.11.004.
Guerrieri, V. & Shimer, R. & Wright, R. (2010). Adverse Selection in Competitive Search Equilibrium. Econometrica (78), 1823-1862. doi: 10.3982/ECTA8535.
Silviera, R. & Wright, R. (2010). Search and the Market for Ideas. Journal of Economic Theory (145), 1550-1573. doi: 10.1016/j.jet.2010.01.004.
Wright, R. (2010). New Monetarist Economics: Methods. (92), 265-302.
Jean, K. & Rabinovich, S. & Wright, R. (2010). On the Multiplicity of Monetary Equilibia: Green-Zhou Meets Lagos-Wright. Journal of Economic Theory (145), 392-401. doi: 10.1016/j.jet.2009.03.006.
Rocheteau, G. & Wright, R. (2009). Inflation and Welfare with Trading Frictions. , 89-116.
Rogerson, R. & Visschers, L. & Wright, R. (2009). Labor Market Fluctuations in the Small and in the Large. International Journal of Economic Theory (5), 125-137. doi: 10.1111/j.1742-7363.2008.00097.x.
Rocheteau, G. & Rupert, P. & Shell, K. & Wright, R. (2008). General Equilibrium with Nonconvexities and Money. Journal of Economic Theory (142), 294-317. doi: http://dx.doi.org/10.1016/j.jet.2006.07.011.
Wright, R. (2008). Search and Matching Models of Monetary Exchange.
He, P. & Huang, L. & Wright, R. (2008). Money, Banking and Monetary Policy. Journal of Monetary Economics (55), 1013-1024. doi: 10.1016/j.jmoneco.2008.06.004.
Telyukova, I. & Wright, R. (2008). A Model of Money and Credit, with Application to the Credit Card Debt Puzzle. Review of Economic Studies (75), 629-647. doi: 10.1111/j.1467-937X.2008.00487.x.
Rocheteau, G. & Rupert, P. & Wright, R. (2007). Inflation and Unemployment in General Equilibrium. Scandinavian Journal of Economics (109), 837–855. doi: 10.1111/j.1467-9442.2007.00511.x.
Moscarini, G. & Wright, R. (2007). Interview with Peter Diamond. Macroeconomic Dynamics (11), 543–565. doi: 10.1017/S1365100507060403.
Gamount, D. & Schindler, M. & Wright, R. (2006). Equilibrium Wage Dispersion: An Example. The B.E. Journal of Macroeconomics (6), 1534-5998. doi: 10.2202/1534-5998.1462.
Gaumont, D. & Schindler, M. & Wright, R. (2006). Alternative Theories of Wage Dispersion. European Economic Review (50), 831-848, doi: 10.1016/j.euroecorev.2006.01.006.
Rogerson, R. & Shimer, R. & Wright, R. (2005). Search-Theoretic Models of the Labor Market: a Survey. (43), 959–988. doi: 10.1257/002205105775362014.
Wright, R. (2005). Introduction to Models of Monetary Economies 2: The Next Generation. International Economic Review (46), 305–316. doi: 10.1111/j.1468-2354.2005.00319.x.
Rocheteau, G. & Wright, R. (2005). Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium. Econometrica (73), 175-202. doi: 10.1111/j.1468-0262.2005.00568.x.
Wright, R. (2005). Commentary (on Shimer's "The Cyclicality of Hires, Separations, and Job-to-Job Transitions"). (87), 509-512.
Lagos, R. & Wright, R. (2005). A Unified Framework for Monetary Theory and Policy Analysis. Journal of Political Economy (113), 463-484. doi: 10.1086/429804.
He, P. & Huang, L. & Wright, R. (2005). Money and Banking in Search Equilibrium. International Economic Review (46), 637–670. doi: 10.1111/j.1468-2354.2005.00339.x.
Gomme, P. & Rogerson, R. & Rupert, P. & Wright, R. (2005). The Business Cycle and the Life Cycle. (19)
Burdett, K. & Imai, R. & Wright, R. (2004). Unstable Relationships. Frontiers of Macroeconomics (1), 1534-6021. doi: 10.2202/1534-6021.1102.
Curtis, E. & Wright, R. (2004). Price Setting, Price Dispersion, and the Value of Money: or, The Law of Two Prices. Journal of Monetary Economics (51), 1599-1621. doi: 10.1016/j.jmoneco.2004.04.010.
Schevchenko, A. & Wright, R. (2004). A Simple Model of Money with Heterogeneous Agents and Partial Acceptibility. Economic Theory (24), 877-885. doi: 10.1007/s00199-002-0334-3.
Burdett, K. & Lagos, R. & Wright, R. (2004). An On-the-Job Search Model of Crime, Inequality, and Unemployment. International Economic Review (45), 681-706. doi: 10.1111/j.0020-6598.2004.00283.x.
Aruoba, S. & Wright, R. (2003). Search, Money and Capital: A Neoclassical Dichotomy. Journal of Money, Credit, and Banking (35), 1086-1106.
Corbae, D. & Temzilides, T. & Wright, R. (2003). Directed Matching and Monetary Exchange. Econometrica (71), 731-756. doi: 10.1111/1468-0262.00424.
Lagos, R. & Wright, R. (2003). Dynamics, Cycles and Sunspot Equilibria in "Genuinely Dynamic, Fundamentally Disaggregative" Models of Money. Journal of Economic Theory (109), 156-171. doi: 10.1016/S0022-0531(03)00021-8.
Burdett, K. & Lagos, R. & Wright, R. (2003). Crime, Inequality, and Unemployment. American Economic Review (93), 1764-1777. doi: 10.1257/000282803322655536.
Corbae, D. & Temzilides, T. & Wright, R. (2002). Matching and Money. (92), 67-71.
Berentsen, A. & Molico, M. & Wright, R. (2002). Indivisibilities, Lotteries, and Monetary Exchange. Journal of Economic Theory (107), 70-94. doi: 10.1006/jeth.2000.2689.
Mortensen, D. & Wright, R. (2002). Competitive Pricing and Efficiency in Search Equilibrium. International Economic Review (43), 1-20. doi: 10.1111/1468-2354.t01-1-00001.
Rupert, P. & Schindler, M. & Wright, R. (2001). Generalized Search-Theoretic Models of Monetary Exchange. Journal of Monetary Economics (48), 605-622. doi: 10.1016/S0304-3932(01)00088-5.
Burdett, K. & Trejos, A. & Wright, R. (2001). Cigarette Money. Journal of Economic Theory (99), 117-142. doi: 10.1006/jeth.2000.2731.
Spear, S. & Wright, R. (2001). Interview with Karl Shell. Macroeconomic Dynamics (5), 701-741. doi: 10.1017/S1365100501031030.
Burdett, K. & Shi, S. & Wright, R. (2001). Pricing and Matching with Frictions. Journal of Political Economy (109), 1060-1085. doi: 10.1086/322835.
Wright, R. & Trejos, A. (2001). International Currency. Advances in Macroeconomics (1), 1534-6013. doi: 10.2202/1534-6013.1020.
Rogerson, R. & Rupert, P. & Wright, R. (2000). Homework in Labor Economics: Household Production and Intertemporal Substitution. Journal of Monetary Economics (46), 557-79. doi: 10.1016/S0304-3932(00)00038-6.
Rupert, P. & Schindler, M. & Shevchenko, A. & Wright, R. (2000). The Search-Theoretic Approach to Monetary Economics: A Primer. (36)
Parente, S. & Rogerson, R. & Wright, R. (2000). Homework in Development Economics: Household Production and the Wealth of Nations. Journal of Political Economy (108), 680-687. doi: 10.1086/316102.
Wright, R. (2000). Estimating the Intertemporal Elasticity of Substitution in a Model with Household Production: Implications for Macroeconomics,. (243), 171-195.
Wright, R. (1999). Introduction to the Special Issue on Search, Matching & Related Topics. International Economic Review (40), 803–808. doi: 10.1111/1468-2354.00041.
Velde, F. & Weber, W. & Wright, R. (1999). A Model of Commodity Money, with Applications to Gresham's Law and the Debasement Puzzle. Review of Economic Dynamics (2), 291-323. doi: 10.1006/redy.1998.0037.
Wright, R. (1999). A Note on Asymmetric and Mixed Strategy Equilibria in the Search-Theoretic Model of Fiat Money. Economic Theory (14), 463-471. doi: 10.1007/s001990050304.
Wright, R. (1999). Comment on ""Inside and Outside Money as Alternative Media of Exchange" by Cavalcanti & Wallace. Journal of Money, Credit, and Banking (31), 461-468.
Burdett, K. & Wright, R. (1998). Two-Sided Search with Nontransferable Utility. Review of Economic Dynamics (1), 220-245. doi: 10.1006/redy.1997.0004.
Coles, M. & Wright, R. (1998). A Dynamic Equilibrium Model of Search, Bargaining, and Money. Journal of Economic Theory (78), 32-54. doi: 10.1006/jeth.1997.2353.
Li, Y. & Wright, R. (1998). Government Transaction Policy, Media of Exchange, and Prices. Journal of Economic Theory (81), 290-313. doi: 10.1006/jeth.1997.2363.
Spear, S. & Wright, R. (1998). Interview with David Cass. Macroeconomic Dynamics (2), 533-558.
McGrattan, E. & Rogerson, R. & Wright, R. (1997). An Equilibrium Model of the Business Cycle. International Economic Review (38), 267-290.
Cuadras-Morato, X. & Wright, R. (1997). On Money as a Medium of Exchange When Goods Vary by Supply and Demand. Macroeconomic Dynamics (1), 680-700. doi: 10.1017/S1365100597005026.
Wright, R. (1996). Taxes, Redistribution, and Growth. Journal of Public Economics (62), 327-338. doi: 10.1016/0047-2727(95)01570-1.
Trejos, A. & Wright, R. (1996). Search-Theoretic Models of International Currency. (78), 117-132.
Aiyagari, S. & Wallace, N. & Wright, R. (1996). Coexistence of Money and Interest Bearing Securities. Journal of Monetary Economics (37), 397-419. doi: 10.1016/0304-3932(96)01260-3.
Greenwood, J. & Rogerson, R. & Wright, R. (1995). Household Production in Real Business Cycle Theory. , 157-174.
Trejos, A. & Wright, R. (1995). Search, Bargaining, Money, and Prices. Journal of Political Economy (103), 118-141.
Wright, R. (1995). Search, Evolution, and Money. Journal of Economic Dynamics and Control (19), 181-206. doi: 10.1016/0165-1889(93)00770-5.
Rogerson, R. & Rupert, P. & Wright, R. (1995). Estimating Substitution Elasticities in Household Production Models. Economic Theory (6), 179-19. doi: 10.1007/BF01213946.
Burdett, K. & Coles, M. & Kiyotaki, N. & Wright, R. (1995). Buyers and Sellers: Should I Stay or Should I Go?. Papers and Proceedings of the Hundredth and Seventh Annual Meeting of the American Economic Association Washington, DC (85), 281-286.
Wright, R. (1995). Commentary (on Meltzer's "Information, Sticky Prices and Macroeconomic Foundations"). (77), 119-24.
Wright, R. (1994). A Note on Sunspot Equilibria in Search Models of Fiat Money. Journal of Economic Theory (64), 234-241. doi: 10.1006/jeth.1994.1064.
Williamson, S. & Wright, R. (1994). Barter and Monetary Exchange under Private Information. American Economic Review (84), 104-123.
Boldrin, M. & Kiyotaki, N. & Wright, R. (1993). A Dynamic Equilibrium Model of Search, Production, and Exchange. Journal of Economic Dynamics and Control (17), 723-758. doi: 10.1016/0165-1889(93)90012-H.
Kehoe, T. & Kiyotaki, N. & Wright, R. (1993). More on Money as a Medium of Exchange. Economic Theory (3), 297-314. doi: 10.1007/BF01212919.
Shell, K. & Wright, R. (1993). Indivisibilities, Lotteries, and Sunspot Equilibria. Economic Theory (3), 1-17. doi: 10.1007/BF01213688.
Kiyotaki, N. & Wright, R. (1993). A Search-Theoretic Approach to Monetary Economics. American Economic Review (83), 63-77.
Wright, R. (1993). Search, Matching and Unions.
Trejos, A. & Wright, R. (1993). Search, Bargaining, Money and Prices: Recent Results and Policy Implications. Journal of Money, Credit and Banking (25), 558-576.
Kiyotaki, N. & Wright, R. (1992). Acceptability, Means of Payment, and Media of Exchange.
Smith, E. & Wright, R. (1992). Why is Automobile in Philadelphia Insurance so Damn Expensive?. American Economic Review (82), 756-772.
Nosal, E. & Rogerson, R. & Wright, R. (1992). The Role of Household Production in Models of Involuntary Unemployment and Underemployment. Canadian Journal of Economics (25), 507-520.
Hansen, G. & Wright, R. (1992). The Labor Market in Real Business Cycle Theory. , 2-12.
Gaston, N. & Wright, R. (1991). The Effects of Risk on Efficient Labor Contracts. Finnish Economic Papers (4), 2-9.
Benhabib, J. & Rogerson, R. & Wright, R. (1991). Homework in Macroeconomics: Household Production and Aggregate Fluctuations. Journal of Political Economy (99), 1166-1187.
Puhakka, M. & Wright, R. (1991). Subsidization and Stabilization: Optimal Employment Policy under Aggregate Uncertainty. International Economic Review (32), 513-528.
Kiyotaki, N. & Wright, R. (1991). A Contribution to the Pure Theory of Money. Journal of Economic Theory (53), 215-235. doi: 10.1016/0022-0531(91)90154-V.
Wright, R. (1991). Comment on "The Welfare Costs of Moderate Inflations" by Cooley & Hansen. Journal of Money, Credit, and Banking (23), 513-518.
Wachter, M. & Wright, R. (1990). The Economics of Internal Labor Markets. (29), 240-262. doi: 10.1111/j.1468-232X.1990.tb00753.x.
Burdett, K. & Wright, R. (1989). Unemployment Insurance and Short-Time Compensation. Journal of Political Economy (97), 1479-1496.
Kiyotaki, N. & Wright, R. (1989). On Money as a Medium of Exchange. Journal of Political Economy (97), 927-954.
Burdett, K. & Wright, R. (1989). Optimal Firm Size, Taxes and Unemployment. Journal of Public Economics (39), 275-287. doi: 10.1016/0047-2727(89)90030-3.
Wright, R. (1988). The Observational Implications of Labor Contracts in a Dynamic General Equilibrium Model. Journal of Labor Economics (6), 530-551.
Hotchkiss, J. & Wright, R. (1988). A General Model of Unemployment Insurance With and Without Short-Time Compensation. (9), 91–131.
Rogerson, R. & Wright, R. (1988). Involuntary Unemployment in Economies with Efficient Risk Sharing. Journal of Monetary Economics (22), 501-515. doi: 10.1016/0304-3932(88)90011-6.
Wright, R. & Loberg, J. (1987). Unemployment Insurance, Taxes and Unemployment. Canadian Journal of Economics (20), 36-54.
Wright, R. (1987). Market Structure and Competitive Equilibrium in Dynamic Economic Models. Journal of Economic Theory (41), 189-201. doi: 10.1016/0022-0531(87)90013-5.
Wright, R. (1987). Search, Layoffs and Reservation Wages. Journal of Labor Economics (5), 354-365.
Wright, R. (1987). Expectation Dependence of Random Variables, with an Application in Portfolio Theory. Theory and Decision (22), 111-124. doi: 10.1007/BF00126386.
Wright, R. (1986). Job Search and Cyclical Unemployment. Journal of Political Economy (94), 38-55.
Wright, R. (1986). The Redistributive Roles of Unemployment Insurance and the Dynamics of Voting. Journal of Public Economics (31), 377-399. doi: 10.1016/0047-2727(86)90066-6.

Working Papers


Wright, R. (2012). A New Monetarist Model of Financial and Macro-economic Activity.
Wright, R. (2011). Money and Finance: An Integrated Approach.
Wright, R. A Generalized Model of Middlemen.
Wright, R. Asset Pricing in Competitive Search Equilibrium.
Wright, R. Competitive Search: A Survey.
Wright, R. Contracts and Liquidity.
Wright, R. Friedman Meets Andolfatto.
Wright, R. Retail Markets in Neoclassical Theory.
Wright, R. Venture Capital: A Three-Sided Search-and-Bargaining Model.

Presentations


HULM Conference ( 2013 ) Keynote Speaker

Missouri Economics Assoc ( 2013 ) Plenary Speaker

European Search & Matching ( 2012 ) Plenary Speaker

The Marshall Lecture ( 2011 ) Really, Really Rational Inattention; Or, How I Learned to Stop Worrying and Love Sticky Prices

The Toulouse Lectures ( 2011 ) The Eighth Toulouse Lectures in Economics: "Liquidity"

Midwest Macro ( 2010 ) Plenary Speaker


Undergraduate Courses


Contemporary Topics
Course DescriptionA course for the exploration of subject areas possibly to be introduced into the business curriculum.
(FIN 365 Section 2), Fall 2009.

Contemporary Topics
Course DescriptionA course for the exploration of subject areas possibly to be introduced into the business curriculum.
(FIN 365 Section 3), Fall 2010.



Graduate Courses


Topics Seminar-Finance PhD
Course DescriptionSpecial topics of current or emerging interest in financial economics.
(FIN 972 Section 1), Fall 2009.

Topics Seminar-Finance PhD
Course DescriptionSpecial topics of current or emerging interest in financial economics.
(FIN 972 Section 1), Fall 2010.



Combined Undergraduate & Graduate Courses


Contemporary Topics (FIN 365/972 Section 1), Fall 2011.



Learning/Teaching Oriented Publications


Wright, R. & Nosal, E. (2015). More on Middlemen. Journal of Money, Credit and Banking (47), 7-37.
Arouba, S. & Davis, M. & Wright, R. (2014). Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes. Review of Economic Dynamics
Kiyotaki, N. & Wright, R. (1999). On Money as a Medium of Exchange. The Foundations Of Monetary Economics

Editorial and Reviewing Activities


North American Journal of Economics and Finance - Since January 2010
Editorial Board Member

Journal of Economic Theory - Since January 2008
Associate Editor

International Economic Review - January 2008 - December 2010
Editorial Board Member

American Economic Review - January 1998 - December 2000
Editorial Board Member

International Economic Review - January 1998 - December 2008
Editor

Review of Economic Dynamics - January 1997 - December 1999
Associate Editor

Macro Dynamics - Since January 1996
Advisory Editor

Bulletin of Economic Research - January 1995 - December 1999
Associate Editor

International Economic Review - January 1993 - December 1998
Editorial Board Member

Journal of Economic Theory - January 1990 - December 1998
Associate Editor

Canadian Journal of Economics - January 1989 - December 1992
Editorial Board Member

Journal of Economic Dynamics and Controls - January 1987 - December 1997
Associate Editor


Photograph of Randall Wright

Randall Wright

 
Professor | Finance
Ray B. Zemon Professor of Liquid Assets
(608) 262-3656
5262B Grainger Hall