Price Cycles and Booms: Dynamic Search Equilibrium
构建了一个动态搜寻模型，解释价格和需求随时间呈现的周期性模式，这种周期源于买方与企业的动态策略互动，无需外部冲击或异质性假设。
Search theory has been extensively and successfully applied to explain the persistence of price dispersion. This paper presents an explicitly dynamic search model that is able to account for cyclical patterns of prices and demand over time. These cyclical features of the model are the consequence of the dynamic strategic interaction between buyers and firms and do not require the presence of extraneous factors such as shocks or heterogeneity of agents in order to obtain. The model builds on earlier work by Kenneth Burdett and Kenneth L. Judd and may be interpreted as a dynamic extension of their model. Copyright 1992 by American Economic Association.