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

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 Published Journal Articles

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

Wright, R. & Lagos, R. & Rocheteau, G. (2017). Liquidity: A New Monetarist Approach 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

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

Wright, R. (2016). Venture Capital: A Model of Search and Bargaining Review of Economic Dynamics

Wright, R. (2016). Money and Credit Redux Econometrica

Wright, R. (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. (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

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

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

Williamson, S. & Wright, R. (2011). New Monetarist Economics: Models

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

Rocheteau, G. & Rupert, P. & Wright, R. (2007). Inflation and Unemployment in General Equilibrium Scandinavian Journal of Economics

Moscarini, G. & Wright, R. (2007). Interview with Peter Diamond Macroeconomic Dynamics

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. & 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

Schevchenko, A. & Wright, R. (2004). A Simple Model of Money with Heterogeneous Agents and Partial Acceptibility Economic Theory

Burdett, K. & Lagos, R. & Wright, R. (2004). An On-the-Job Search Model of Crime, Inequality, and Unemployment International Economic Review

Aruoba, S. & Wright, R. (2003). Search, Money and Capital: A Neoclassical Dichotomy Journal of Money, Credit, and Banking

Corbae, D. & Temzilides, T. & Wright, R. (2003). Directed Matching and Monetary Exchange Econometrica

Lagos, R. & Wright, R. (2003). Dynamics, Cycles and Sunspot Equilibria in "Genuinely Dynamic, Fundamentally Disaggregative" Models of Money Journal of Economic Theory

Burdett, K. & Lagos, R. & Wright, R. (2003). Crime, Inequality, and Unemployment American Economic Review

Corbae, D. & Temzilides, T. & Wright, R. (2002). Matching and Money

Berentsen, A. & Molico, M. & Wright, R. (2002). Indivisibilities, Lotteries, and Monetary Exchange Journal of Economic Theory

Mortensen, D. & Wright, R. (2002). Competitive Pricing and Efficiency in Search Equilibrium International Economic Review

Rupert, P. & Schindler, M. & Wright, R. (2001). Generalized Search-Theoretic Models of Monetary Exchange Journal of Monetary Economics

Burdett, K. & Trejos, A. & Wright, R. (2001). Cigarette Money Journal of Economic Theory

Spear, S. & Wright, R. (2001). Interview with Karl Shell Macroeconomic Dynamics

Burdett, K. & Shi, S. & Wright, R. (2001). Pricing and Matching with Frictions Journal of Political Economy

Wright, R. & Trejos, A. (2001). International Currency Advances in Macroeconomics

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

Parente, S. & Rogerson, R. & Wright, R. (2000). Homework in Development Economics: Household Production and the Wealth of Nations Journal of Political Economy

Wright, R. (2000). Estimating the Intertemporal Elasticity of Substitution in a Model with Household Production: Implications for Macroeconomics,

Wright, R. (1999). Introduction to the Special Issue on Search, Matching & Related Topics International Economic Review

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). Comment on ""Inside and Outside Money as Alternative Media of Exchange" by Cavalcanti & Wallace Journal of Money, Credit, and Banking

Burdett, K. & Wright, R. (1998). Two-Sided Search with Nontransferable Utility Review of Economic Dynamics

Coles, M. & Wright, R. (1998). A Dynamic Equilibrium Model of Search, Bargaining, and Money Journal of Economic Theory

Li, Y. & Wright, R. (1998). Government Transaction Policy, Media of Exchange, and Prices Journal of Economic Theory

Spear, S. & Wright, R. (1998). Interview with David Cass Macroeconomic Dynamics

McGrattan, E. & Rogerson, R. & Wright, R. (1997). An Equilibrium Model of the Business Cycle International Economic Review

Cuadras-Morato, X. & Wright, R. (1997). On Money as a Medium of Exchange When Goods Vary by Supply and Demand Macroeconomic Dynamics

Wright, R. (1996). Taxes, Redistribution, and Growth Journal of Public Economics

Trejos, A. & Wright, R. (1996). Search-Theoretic Models of International Currency

Aiyagari, S. & Wallace, N. & Wright, R. (1996). Coexistence of Money and Interest Bearing Securities Journal of Monetary Economics

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

Boldrin, M. & Kiyotaki, N. & Wright, R. (1993). A Dynamic Equilibrium Model of Search, Production, and Exchange Journal of Economic Dynamics and Control

Kehoe, T. & Kiyotaki, N. & Wright, R. (1993). More on Money as a Medium of Exchange Economic Theory

Shell, K. & Wright, R. (1993). Indivisibilities, Lotteries, and Sunspot Equilibria Economic Theory

Kiyotaki, N. & Wright, R. (1993). A Search-Theoretic Approach to Monetary Economics American Economic Review

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

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

Nosal, E. & Rogerson, R. & Wright, R. (1992). The Role of Household Production in Models of Involuntary Unemployment and Underemployment Canadian Journal of Economics

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

Benhabib, J. & Rogerson, R. & Wright, R. (1991). Homework in Macroeconomics: Household Production and Aggregate Fluctuations Journal of Political Economy

Puhakka, M. & Wright, R. (1991). Subsidization and Stabilization: Optimal Employment Policy under Aggregate Uncertainty International Economic Review

Kiyotaki, N. & Wright, R. (1991). A Contribution to the Pure Theory of Money Journal of Economic Theory

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). 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

Burdett, K. & Wright, R. (1989). Optimal Firm Size, Taxes and Unemployment Journal of Public 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

Rogerson, R. & Wright, R. (1988). Involuntary Unemployment in Economies with Efficient Risk Sharing Journal of Monetary Economics

Wright, R. & Loberg, J. (1987). Unemployment Insurance, Taxes and Unemployment Canadian Journal of Economics

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. (1987). Expectation Dependence of Random Variables, with an Application in Portfolio Theory Theory and Decision

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. (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

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

Arouba, S. & Davis, M. & Wright, R. (2016). Homework in Monetary Economics: Inflation, Home Production, and the Production of Homes Review of Economic Dynamics

Wright, R. & Nosal, E. (2015). More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets Journal of Money, Credit and Banking

Kiyotaki, N. & Wright, R. (1999). On Money as a Medium of Exchange The Foundations Of Monetary Economics

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