Wisconsin School of Business

Randall Wright

Professor - Finance
Ray Zemon Professor of Liquid Assets

Randall Wright is the Ray 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 publication. 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 higherst “degree centrality” in economics (basically, greatest number of coauthors).
 

Selected Accepted Journal Articles

Mattesini, F., Monnet, C., & Wright, R. (2012). Banking: A New Monetarist Approach. Review of Economic Studies
Rocheteau, G., & Wright, R. (2012). Liquidity and Asset Market Dynamics. Journal of Monetary Economics

Selected Published Journal Articles

Head, Liu, Menzio, & Wright, R. (2012). Sticky Prices: A New Monetarist Approach. Journal of the European Economic Association (10), 939-973.
Lester, B., Postlewaite, A., & Wright, R. (2012). Information, Liquidity, Asset Prices, and Monetary Policy. Review of Economic Studies (79), 1209-1238.
Liu, L., Wang, L., & Wright, R. (2011). The "Hot Potato" Effect of Inflation. Macroeconomic Dynamics (15), 191-216.
Aruoba, S., Waller, C., & Wright, R. (2011). Money and Capital. Journal of Monetary Economics (58), 98-116.
Lester, B., Postlewaite, A., & Wright, R. (2011). Liquidity and Information. Journal of Money, Credit, and Banking (43), 355–377.
Berentsen, A., Menzio, G., & Wright, R. (2011). Inflation and Unemployment in the Long Run. American Economic Review (101), 371-398.
Wright, R. (2010). A Uniqueness Proof for Monetary Steady State. Journal of Economic Theory (145), 382-391.
Guerrieri, V., Shimer, R., & Wright, R. (2010). Adverse Selection in Competitive Search Equilibrium. Econometrica (78), 1823-1862.
Silviera, R., & Wright, R. (2010). Search and the Market for Ideas. Journal of Economic Theory (145), 1550-1573.
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.
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.
Rocheteau, G., Rupert, P., Shell, K., & Wright, R. (2008). General Equilibrium with Nonconvexities and Money. Journal of Economic Theory (142), 294-317.
He, P., Huang, L., & Wright, R. (2008). Money, Banking and Monetary Policy. Journal of Monetary Economics (55), 1013-1024.
Telyukova, I., & Wright, R. (2008). A Model of Money and Credit, with Application to the Credit Card Debt Puzzle. Review of Economics and Statistics (75), 629-647.
Moscarini, G., & Wright, R. (2007). Interview with Peter Diamond. Macroeconomic Dynamics (11), 543–565.
Rocheteau, G., Rupert, P., & Wright, R. (2007). Inflation and Unemployment in General Equilibrium. Scandinavian Journal of Economics (109), 837–855.
Gamount, D., Schindler, M., & Wright, R. (2006). Equilibrium Wage Dispersion: An Example. The B.E. Journal of Macroeconomics (0), 11 pages.
Gaumont, D., Schindler, M., & Wright, R. (2006). Alternative Theories of Wage Dispersion. European Economic Review (50), 831-848.
Rocheteau, G., & Wright, R. (2005). Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium. Econometrica (73), 175-202.
Rogerson, R., Shimer, R., & Wright, R. (2005). Search-Theoretic Models of the Labor Market: a Survey. Journal of Economic Literature (43), 959–988.
Wright, R. (2005). Introduction to Models of Monetary Economies 2: The Next Generation. International Economic Review (46)
Lagos, R., & Wright, R. (2005). A Unified Framework for Monetary Theory and Policy Analysis. Journal of Political Economy (113), 463-484.
He, P., Huang, L., & Wright, R. (2005). Money and Banking in Search Equilibrium. International Economic Review (46), 637–670.
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.
Burdett, K., Imai, R., & Wright, R. (2004). Unstable Relationships. Frontiers of Macroeconomics (1)
Schevchenko, A., & Wright, R. (2004). A Simple Model of Money with Heterogeneous Agents and Partial Acceptibility. Economic Theory (24), 877-885.
Burdett, K., Lagos, R., & Wright, R. (2004). An On-the-Job Search Model of Crime, Inequality, and Unemployment. International Economic Review (45), 681-706.
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.
Aruoba, S., & Wright, R. (2003). Search, Money and Capital: A Neoclassical Dichotomy. Journal of Money, Credit, and Banking (35), 1086-1106.
Burdett, K., Lagos, R., & Wright, R. (2003). Crime, Inequality, and Unemployment. American Economic Review (93), 1764-1777.
Corbae, D., Temzilides, T., & Wright, R. (2003). Directed Matching and Monetary Exchange. Econometrica (71), 731-756.
Berentsen, A., Molico, M., & Wright, R. (2002). Indivisibilities, Lotteries, and Monetary Exchange. Journal of Economic Theory (107), 70-94.
Mortensen, D., & Wright, R. (2002). Competitive Pricing and Efficiency in Search Equilibrium. International Economic Review (43), 1-20.
Spear, S., & Wright, R. (2001). Interview with Karl Shell. Macroeconomic Dynamics (5), 701-741.
Burdett, K., Shi, S., & Wright, R. (2001). Pricing and Matching with Frictions. Journal of Political Economy (9), 1060-1085.
Wright, R., & Trejos, A. (2001). International Currency. Advances in Macroeconomics (1)
Burdett, K., Trejos, A., & Wright, R. (2001). Cigarette Money. Journal of Economic Theory (99), 117-142.
Rupert, P., Schindler, M., & Wright, R. (2001). Generalized Search-Theoretic Models of Monetary Exchange. Journal of Monetary Economics (48), 605-622.
Rogerson, R., Rupert, P., & Wright, R. (2000). Homework in Labor Economics: Household Production and Intertemporal Substitution. Journal of Monetary Economics (46), 557-79.
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.
Wright, R. (1999). A Note on Asymmetric and Mixed Strategy Equilibria in the Search-Theoretic Model of Fiat Money. Economic Theory (14), 463-471.
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.
Wright, R. (1999). Introduction to the Special Issue on Search, Matching & Related Topics. International Economic Review (40)
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.
Spear, S., & Wright, R. (1998). Interview with David Cass. Macroeconomic Dynamics (2), 533-558.
Burdett, K., & Wright, R. (1998). Two-Sided Search with Nontransferable Utility. Review of Economic Dynamics (1), 220-245.
Coles, M., & Wright, R. (1998). A Dynamic Equilibrium Model of Search, Bargaining, and Money. Journal of Economic Theory (78), 32-54.
Li, Y., & Wright, R. (1998). Government Transaction Policy, Media of Exchange, and Prices. Journal of Economic Theory (81), 290-313.
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 .
McGrattan, E., Rogerson, R., & Wright, R. (1997). An Equilibrium Model of the Business Cycle. International Economic Review (38), 267-290.
Wright, R. (1996). Taxes, Redistribution, and Growth. Journal of Public Economics (62), 327-338.
Aiyagari, S., Wallace, N., & Wright, R. (1996). Coexistence of Money and Interest Bearing Securities. Journal of Monetary Economics (37), 397-419.
Wright, R. (1995). Search, Evolution, and Money. Journal of Economic Dynamics and Control (19), 181-206.
Trejos, A., & Wright, R. (1995). Search, Bargaining, Money, and Prices. Journal of Political Economy (103), 118-141.
Rogerson, R., Rupert, P., & Wright, R. (1995). Estimating Substitution Elasticities in Household Production Models. Economic Theory (6), 179-193.
Williamson, S., & Wright, R. (1994). Barter and Monetary Exchange under Private Information. American Economic Review (84), 104-123.
Wright, R. (1994). A Note on Sunspot Equilibria in Search Models of Fiat Money. Journal of Economic Theory (64), 234-241.
Kehoe, T., Kiyotaki, N., & Wright, R. (1993). More on Money as a Medium of Exchange. Economic Theory (3), 297-314.
Trejos, A., & Wright, R. (1993). Search, Bargaining, Money and Prices: Recent Results and Policy Implications. Journal of Money, Credit and Banking (25), 558-576.
Shell, K., & Wright, R. (1993). Indivisibilities, Lotteries, and Sunspot Equilibria. Economic Theory 3 (3), 1-17.
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.
Kiyotaki, N., & Wright, R. (1993). A Search-Theoretic Approach to Monetary Economics. American Economic Review (83), 63-77.
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.
Gaston, N., & Wright, R. (1991). The Effects of Risk on Efficient Labor Contracts. Finnish Economic Papers (4), 2-9.
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.
Benhabib, J., Rogerson, R., & Wright, R. (1991). Homework in Macroeconomics: Household Production and Aggregate Fluctuations. Journal of Political Economy (99), 1166-1187.
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. Industrial Relations (29), 240-262.
Burdett, K., & Wright, R. (1989). Unemployment Insurance and Short-Time Compensation. Journal of Political Economy (97), 1479-1496.
Burdett, K., & Wright, R. (1989). Optimal Firm Size, Taxes and Unemployment. Journal of Public Economics (39), 275-287.
Kiyotaki, N., & Wright, R. (1989). On Money as a Medium of Exchange. Journal of Political Economy (97), 927-954.
Wright, R. (1988). The Observational Implications of Labor Contracts in a Dynamic General Equilibrium Model. Journal of Labor Economics (6), 530-551.
Rogerson, R., & Wright, R. (1988). Involuntary Unemployment in Economies with Efficient Risk Sharing. Journal of Monetary Economics (22), 501-515.
Wright, R. (1987). Search, Layoffs and Reservation Wages. Journal of Labor Economics (5), 354-365.
Wright, R., & Loberg, J. (1987). Unemployment Insurance, Taxes and Unemployment. Canadian Journal of Economics (20), 36-54.
Wright, R. (1987). Expectation Dependence of Random Variables, with an Application in Portfolio Theory. Theory and Decision (22), 111-124.
Wright, R. (1987). Market Structure and Competitive Equilibrium in Dynamic Economic Models. Journal of Economic Theory (41), 189-201.
Wright, R. (1986). The Redistributive Roles of Unemployment Insurance and the Dynamics of Voting. Journal of Public Economics (31), 377-399.
Wright, R. (1986). Job Search and Cyclical Unemployment. Journal of Political Economy (94), 38-55.

Submitted Working Papers

Wright, R., & Venkateswaran. (2012). A New Monetarist Model of Financial and Macro-economic Activity.
Wright, R., & Trejos. (2011). Money and Finance: An Integrated Approach.
He, Wright, R., & Yu. (2011). Housing and Liquidity.
Chiu, J., Meh, C., & Wright, R. (2011). Innovation and Growth with Financial, and Other, Frictions.
Wong, Y., & Wright, R. (2011). Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes.
Gu, C., & Wright, R. (2010). Endogenous Credit Cycles.
Burdett, Dong, Sun, & Wright, R. Markets, Marriage and Money: A Coasian Theory of Household Formation.
Choi, & Wright, R. Retail Markets in Neoclassical Theory.
Silviera, Wong, & Wright, R. The Venture Capital Cycle: A Model of Search and Bargaining.
Mattesini, & Wright, R. Contracts and Liquidity.
Mattesini, & Wright, R. Friedman Meets Andolfatto.
Arouba, S., Davis, M., & Wright, R. Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes.
Wright, R., Gu, & Mattesini. Money and Credit Redux.
Wright, R. Liquidity: A New Monetarist Approach.
Wright, R. Competitive Search: A Survey.
Wright, R., Choi, & Nakajima. Asset Pricing in Competitive Search Equilibrium.
Wright, R., & Wong. Venture Capital: A Three-Sided Search-and-Bargaining Model.
Wright, R., Nosal, & Wong. A Generalized Model of Middlemen.

Presentations

HULM Conference
Keynote Speaker

Missouri Economics Assoc
Plenary Speaker

European Search & Matching
Plenary Speaker

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

The Toulouse Lectures
The Eighth Toulouse Lectures in Economics: "Liquidity"

Midwest Macro
Plenary Speaker

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

International Economic Review - January 1998 - December 2008
Editor

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

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

Macro Dynamics - Since January 1996
Other

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 Zemon Professor of Liquid Assets
(608) 262-3656
5262B Grainger Hall