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Ebook A course in monetary economics - Sequential trade, money, and uncertainty: Part 2

(BQ) Part 2 book "A course in monetary economics - Sequential trade, money, and uncertainty" has contents: A monetary model, inventories and the business cycle, evidence from micro data, sequential international trade, endogenous information and externalities, search and contracts, the friedman rule in a ust model,.and other contents. | PART III An Introduction to Uncertain and Sequential Trade (UST) 14 Real Models 15 A Monetary Model 16 Limited Participation, Sticky Prices, and UST: A Comparison 17 Inventories and the Business Cycle 18 Money and Credit in the Business Cycle 19 Evidence from Micro Data 20 The Friedman Rule in a UST Model 21 Sequential International Trade 22 Endogenous Information and Externalities 23 Search and Contracts 209 In the Arrow–Debreu model reviewed in chapter 11 there is uncertainty about the future but no uncertainty about current demand conditions. Trade occurs before anything happens. The number of agents who participate in trade is known and we may assume that the price of all contingent commodities is known in advance to all participants. The situation is different if demand conditions are not known before the beginning of actual trade. In this case the standard Walrasian model assumes an auctioneer who finds the market clearing prices by the following (tatonnement) process. He calls a vector of prices and asks agents to report their demand and supply for this price vector. He then checks whether markets are cleared. If not he tries another vector of prices and keeps doing it until he finds a vector of prices that clears all markets. Actual trade is prohibited until the market clearing price vector is found. This standard formulation is problematic for three reasons. First, the description of the Walrasian auctioneer is not complete. Why does he provide the public service of finding the market clearing prices? What is his objective function? A second problem arises from the prohibition of trade: Trade is not allowed until the market clearing price vector is found. Finally, and maybe most importantly, prices do not behave according to the standard Walrasian model. There is ample evidence against the “law of one price” and the effect of monetary shocks on prices occurs with a significant lag. The new Keynesian (sticky price) models reviewed in chapter 8 provide an .