Biography
Randall Wright is the Ray B. Zemon Chair in 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).
Research
Selected Accepted Journal Articles
Wright, R. (2023). Is Money Essential: An Experimental Approach Journal of Political Economy
Selected Published Journal Articles
Davis, D. & Korenok, O. & Norman, P. & Sultanum, B. & Wright, R. (2022). Playing with Money Journal of Economic Behavior and Organization
Altermatt, L. & Iwasaki, K. & Wright, R. (2021). Asset Pricing in Monetary Economies Journal of International Money and Finance
Wright, R. & Kircher, P. & Julien, B. & Guerrieri, V. (2021). Directed Search and Competitive Search Equilibrium: A Guided Tour Journal of Economic Literature
Gu, C. & Han, H. & Wright, R. (2020). The Effects of News When Liquidity Matters International Economic Review
Wright, R. & Xiao, S. & Zhu, Y. (2020). Frictional Capital Reallocation with Ex Post Heterogeneity Review of Economic Dynamics
Bethune, Z. & Choi, M. & Wright, R. (2020). Frictional Goods Markets: Theory and Applications Review of Economic Studies
Wang, L. & Wright, R. & Liu, L. (2020). Sticky Prices and Costly Credit International Economic Review
Nosal, E. & Wong, Y. & Wright, R. (2019). Intermediation in markets for goods and markets for assets Journal of Economic Theory
He, C. & Wright, R. (2019). On Complicated Dynamics in Simple Monetary Models Journal of Money, Credit and Banking
Rocheteau, G. & Wright, R. & Xiao, S. (2018). Open Market Operations Journal of Monetary Economics
Wright, R. & Xiao, S. & Zhu, Y. (2018). Frictional capital reallocation I: Ex ante heterogeneity Journal of Economic Dynamics and Control
Rocheteau, G. & Wright, R. & Zhang , C. (2018). Corporate Finance and Monetary Policy American Economic Review
Wright, R. (2018). On the Future of Macroeconomics: A New Monetarist Perspective Oxford Review of Economic Policy
Burdett, K. & Trejos, A. & Wright, R. (2017). A New Suggestion for Simplifying the Theory of Money Journal of Economic Theory
Lagos, R. & Rocheteau, G. & Wright, R. (2017). Liquidity: A New Monetarist Perspective Journal of Economic Literature
Chiu, J. & Meh, C. & Wright, R. (2017). Innovation and Growth with Financial, and Other, Frictions International Economic Review
Wright, R. (2016). Search-Based Models of Money and Finance: An Integrated Approach Journal of Economic Theory
Burdett. & Dong. & Sun. & Wright, R. (2016). Markets, Marriage and Money: A Coasian Theory of Household Formation International Economic Review
Wright, R. (2016). Monetary Mechanisms Journal of Economic Theory
Silviera. & Wong. & Wright, R. (2016). Venture Capital: A Model of Search and Bargaining Review of Economic Dynamics
Wright, R. & Gu. & Mattesini. (2016). Money and Credit Redux Econometrica
He. & Wright, R. & Yu. (2015). Housing and Liquidity Review of Economic Dynamics
Wong, Y. & Wright, R. (2014). Buyers, Sellers and Middlemen: Variations on Search-Theoretic Themes International Economic Review
Gu, C. & Wright, R. & Mattesini. & Monnet. (2013). Endogenous Credit Cycles Journal of Political Economy
Mattesini, F. & Monnet, C. & Wright, R. (2013). Banking: A New Monetarist Approach Review of Economic Studies
Rocheteau, G. & Wright, R. (2013). Liquidity and Asset Market Dynamics Journal of Monetary Economics
Head. & Liu. & Menzio. & Wright, R. (2012). Sticky Prices: A New Monetarist Approach Journal of the European Economic Association
Lester, B. & Postlewaite, A. & Wright, R. (2012). Information, Liquidity, Asset Prices, and Monetary Policy Review of Economic Studies
Williamson, S. & Wright, R. (2011). New Monetarist Economics: Models
Aruoba, S. & Waller, C. & Wright, R. (2011). Money and Capital Journal of Monetary Economics
Liu, L. & Wang, L. & Wright, R. (2011). The “Hot Potato” Effect of Inflation Macroeconomic Dynamics
Lester, B. & Postlewaite, A. & Wright, R. (2011). Liquidity and Information Journal of Money, Credit, and Banking
Berentsen, A. & Menzio, G. & Wright, R. (2011). Inflation and Unemployment in the Long Run American Economic Review
Wright, R. (2010). A Uniqueness Proof for Monetary Steady State Journal of Economic Theory
Guerrieri, V. & Shimer, R. & Wright, R. (2010). Adverse Selection in Competitive Search Equilibrium Econometrica
Silviera, R. & Wright, R. (2010). Search and the Market for Ideas Journal of Economic Theory
Wright, R. (2010). New Monetarist Economics: Methods
Jean, K. & Rabinovich, S. & Wright, R. (2010). On the Multiplicity of Monetary Equilibia: Green-Zhou Meets Lagos-Wright Journal of Economic Theory
Rocheteau, G. & Wright, R. (2009). Inflation and Welfare with Trading Frictions
Rogerson, R. & Visschers, L. & Wright, R. (2009). Labor Market Fluctuations in the Small and in the Large International Journal of Economic Theory
Rocheteau, G. & Rupert, P. & Shell, K. & Wright, R. (2008). General Equilibrium with Nonconvexities and Money Journal of Economic Theory
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
Telyukova, I. & Wright, R. (2008). A Model of Money and Credit, with Application to the Credit Card Debt Puzzle Review of Economic Studies
Moscarini, G. & Wright, R. (2007). Interview with Peter Diamond Macroeconomic Dynamics
Rocheteau, G. & Rupert, P. & Wright, R. (2007). Inflation and Unemployment in General Equilibrium Scandinavian Journal of Economics
Gamount, D. & Schindler, M. & Wright, R. (2006). Equilibrium Wage Dispersion: An Example The B.E. Journal of Macroeconomics
Gaumont, D. & Schindler, M. & Wright, R. (2006). Alternative Theories of Wage Dispersion European Economic Review
Rogerson, R. & Shimer, R. & Wright, R. (2005). Search-Theoretic Models of the Labor Market: a Survey
Wright, R. (2005). Introduction to Models of Monetary Economies 2: The Next Generation International Economic Review
Rocheteau, G. & Wright, R. (2005). Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium Econometrica
Wright, R. (2005). Commentary (on Shimer’s “The Cyclicality of Hires, Separations, and Job-to-Job Transitions”)
Lagos, R. & Wright, R. (2005). A Unified Framework for Monetary Theory and Policy Analysis Journal of Political Economy
He, P. & Huang, L. & Wright, R. (2005). Money and Banking in Search Equilibrium International Economic Review
Gomme, P. & Rogerson, R. & Rupert, P. & Wright, R. (2005). The Business Cycle and the Life Cycle
Burdett, K. & Lagos, R. & Wright, R. (2004). An On-the-Job Search Model of Crime, Inequality, and Unemployment International Economic Review
Schevchenko, A. & Wright, R. (2004). A Simple Model of Money with Heterogeneous Agents and Partial Acceptibility Economic Theory
Burdett, K. & Imai, R. & Wright, R. (2004). Unstable Relationships Frontiers of Macroeconomics
Curtis, E. & Wright, R. (2004). Price Setting, Price Dispersion, and the Value of Money: or, The Law of Two Prices Journal of Monetary Economics
Aruoba, S. & Wright, R. (2003). Search, Money and Capital: A Neoclassical Dichotomy Journal of Money, Credit, and Banking
Burdett, K. & Lagos, R. & Wright, R. (2003). Crime, Inequality, and Unemployment American Economic Review
Lagos, R. & Wright, R. (2003). Dynamics, Cycles and Sunspot Equilibria in “Genuinely Dynamic, Fundamentally Disaggregative” Models of Money Journal of Economic Theory
Corbae, D. & Temzilides, T. & Wright, R. (2003). Directed Matching and Monetary Exchange Econometrica
Mortensen, D. & Wright, R. (2002). Competitive Pricing and Efficiency in Search Equilibrium International Economic Review
Berentsen, A. & Molico, M. & Wright, R. (2002). Indivisibilities, Lotteries, and Monetary Exchange Journal of Economic Theory
Corbae, D. & Temzilides, T. & Wright, R. (2002). Matching and Money
Burdett, K. & Trejos, A. & Wright, R. (2001). Cigarette Money Journal of Economic Theory
Burdett, K. & Shi, S. & Wright, R. (2001). Pricing and Matching with Frictions Journal of Political Economy
Rupert, P. & Schindler, M. & Wright, R. (2001). Generalized Search-Theoretic Models of Monetary Exchange Journal of Monetary Economics
Wright, R. & Trejos, A. (2001). International Currency Advances in Macroeconomics
Spear, S. & Wright, R. (2001). Interview with Karl Shell Macroeconomic Dynamics
Parente, S. & Rogerson, R. & Wright, R. (2000). Homework in Development Economics: Household Production and the Wealth of Nations Journal of Political Economy
Rogerson, R. & Rupert, P. & Wright, R. (2000). Homework in Labor Economics: Household Production and Intertemporal Substitution Journal of Monetary Economics
Rupert, P. & Schindler, M. & Shevchenko, A. & Wright, R. (2000). The Search-Theoretic Approach to Monetary Economics: A Primer
Wright, R. (2000). Estimating the Intertemporal Elasticity of Substitution in a Model with Household Production: Implications for Macroeconomics,
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
Wright, R. (1999). A Note on Asymmetric and Mixed Strategy Equilibria in the Search-Theoretic Model of Fiat Money Economic Theory
Wright, R. (1999). Introduction to the Special Issue on Search, Matching & Related Topics International Economic Review
Wright, R. (1999). Comment on “”Inside and Outside Money as Alternative Media of Exchange” by Cavalcanti & Wallace Journal of Money, Credit, and Banking
Spear, S. & Wright, R. (1998). Interview with David Cass Macroeconomic Dynamics
Coles, M. & Wright, R. (1998). A Dynamic Equilibrium Model of Search, Bargaining, and Money Journal of Economic Theory
Burdett, K. & Wright, R. (1998). Two-Sided Search with Nontransferable Utility Review of Economic Dynamics
Li, Y. & Wright, R. (1998). Government Transaction Policy, Media of Exchange, and Prices Journal of Economic Theory
Cuadras-Morato, X. & Wright, R. (1997). On Money as a Medium of Exchange When Goods Vary by Supply and Demand Macroeconomic Dynamics
McGrattan, E. & Rogerson, R. & Wright, R. (1997). An Equilibrium Model of the Business Cycle International Economic Review
Aiyagari, S. & Wallace, N. & Wright, R. (1996). Coexistence of Money and Interest Bearing Securities Journal of Monetary Economics
Wright, R. (1996). Taxes, Redistribution, and Growth Journal of Public Economics
Trejos, A. & Wright, R. (1996). Search-Theoretic Models of International Currency
Greenwood, J. & Rogerson, R. & Wright, R. (1995). Household Production in Real Business Cycle Theory
Trejos, A. & Wright, R. (1995). Search, Bargaining, Money, and Prices Journal of Political Economy
Wright, R. (1995). Search, Evolution, and Money Journal of Economic Dynamics and Control
Rogerson, R. & Rupert, P. & Wright, R. (1995). Estimating Substitution Elasticities in Household Production Models Economic Theory
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
Wright, R. (1995). Commentary (on Meltzer’s “Information, Sticky Prices and Macroeconomic Foundations”)
Wright, R. (1994). A Note on Sunspot Equilibria in Search Models of Fiat Money Journal of Economic Theory
Williamson, S. & Wright, R. (1994). Barter and Monetary Exchange under Private Information American Economic Review
Trejos, A. & Wright, R. (1993). Search, Bargaining, Money and Prices: Recent Results and Policy Implications Journal of Money, Credit and Banking
Kehoe, T. & Kiyotaki, N. & Wright, R. (1993). More on Money as a Medium of Exchange Economic Theory
Kiyotaki, N. & Wright, R. (1993). A Search-Theoretic Approach to Monetary Economics American Economic Review
Shell, K. & Wright, R. (1993). Indivisibilities, Lotteries, and Sunspot Equilibria Economic Theory
Boldrin, M. & Kiyotaki, N. & Wright, R. (1993). A Dynamic Equilibrium Model of Search, Production, and Exchange Journal of Economic Dynamics and Control
Wright, R. (1993). Search, Matching and Unions
Kiyotaki, N. & Wright, R. (1992). Acceptability, Means of Payment, and Media of Exchange
Nosal, E. & Rogerson, R. & Wright, R. (1992). The Role of Household Production in Models of Involuntary Unemployment and Underemployment Canadian Journal of Economics
Smith, E. & Wright, R. (1992). Why is Automobile in Philadelphia Insurance so Damn Expensive? American Economic Review
Hansen, G. & Wright, R. (1992). The Labor Market in Real Business Cycle Theory
Gaston, N. & Wright, R. (1991). The Effects of Risk on Efficient Labor Contracts Finnish Economic Papers
Kiyotaki, N. & Wright, R. (1991). A Contribution to the Pure Theory of Money Journal of Economic Theory
Puhakka, M. & Wright, R. (1991). Subsidization and Stabilization: Optimal Employment Policy under Aggregate Uncertainty International Economic Review
Benhabib, J. & Rogerson, R. & Wright, R. (1991). Homework in Macroeconomics: Household Production and Aggregate Fluctuations Journal of Political Economy
Wright, R. (1991). Comment on “The Welfare Costs of Moderate Inflations” by Cooley & Hansen Journal of Money, Credit, and Banking
Wachter, M. & Wright, R. (1990). The Economics of Internal Labor Markets
Burdett, K. & Wright, R. (1989). Optimal Firm Size, Taxes and Unemployment Journal of Public Economics
Burdett, K. & Wright, R. (1989). Unemployment Insurance and Short-Time Compensation Journal of Political Economy
Kiyotaki, N. & Wright, R. (1989). On Money as a Medium of Exchange Journal of Political Economy
Rogerson, R. & Wright, R. (1988). Involuntary Unemployment in Economies with Efficient Risk Sharing Journal of Monetary Economics
Wright, R. (1988). The Observational Implications of Labor Contracts in a Dynamic General Equilibrium Model Journal of Labor Economics
Hotchkiss, J. & Wright, R. (1988). A General Model of Unemployment Insurance With and Without Short-Time Compensation
Wright, R. & Loberg, J. (1987). Unemployment Insurance, Taxes and Unemployment Canadian Journal of Economics
Wright, R. (1987). Expectation Dependence of Random Variables, with an Application in Portfolio Theory Theory and Decision
Wright, R. (1987). Market Structure and Competitive Equilibrium in Dynamic Economic Models Journal of Economic Theory
Wright, R. (1987). Search, Layoffs and Reservation Wages Journal of Labor Economics
Wright, R. (1986). Job Search and Cyclical Unemployment Journal of Political Economy
Wright, R. (1986). The Redistributive Roles of Unemployment Insurance and the Dynamics of Voting Journal of Public Economics
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
Practitioner-Oriented Publications
Gu, C. & Han, H. & Wright, R. (2019). New Monetarist Economics Oxford Research Encyclopedia of Economics and Finance
Gu, C. & Han, H. & Wright, R. (2019). The Effects of Monetary Policy Announcements Oxford Research Encyclopedia of Economics and Finance
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
Teaching
Undergraduate Courses
Contemporary Topics (FIN 365), Fall 2009.
A course for the exploration of subject areas possibly to be introduced into the business curriculum.
Contemporary Topics (FIN 365), Fall 2010.
A course for the exploration of subject areas possibly to be introduced into the business curriculum.
Graduate Courses
Topics Seminar-Finance PhD (FIN 972), Fall 2009.
Special topics of current or emerging interest in financial economics.
Topics Seminar-Finance PhD (FIN 972), Fall 2010.
Special topics of current or emerging interest in financial economics.
Hybrid Courses
Contemporary Topics (FIN 365/972), Fall 2011.
Learning/Teaching Oriented Publications
Kiyotaki, N. & Wright, R. (1999). On Money as a Medium of Exchange The Foundations Of Monetary Economics
Wright, R. & Nosal, E. & Wong. (2015). More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets Journal of Money, Credit and Banking
Arouba, S. & Davis, M. & Wright, R. (2016). Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes Review of Economic Dynamics
Service
Editorial and Reviewing Activities
North American Journal of Economics and Finance – Since January 2010
Editorial Board Member
International Economic Review – January 2008 – December 2010
Editorial Board Member
Journal of Economic Theory – Since January 2008
Associate Editor
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