On the Disequilibrium Dynamics of Sequential Monetary Economies

van der Hoog S (2008)
Journal of Economic Behavior and Organization 68(3-4): 525-552.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Abstract / Bemerkung
The purpose of this paper is to study the dynamic behavior of a sequential monetary exchange economy. Transactions take place sequentially against non-equilibrium prices, there is quantity rationing, and credit or cash are the only means of exchange. Agents have optimistic or pessimistic expectations about quantity constraints that represent their beliefs about future trading opportunities. In the credit model the agents incur debts along the transition path towards equilibrium, while in the cash-in-advance model convergence takes place without the occurrence of any debts or claims. The credit mechanism is shown to act as a ‘soft’ correction mechanism on credit fluctuations, while the cash-in-advance constraint acts as a ‘hard’ negative feedback effect driving the prices back towards a neighborhood of a monetary cash-in-advance equilibrium.
Stichworte
Moving-horizon optimization.; Effective demand; Quantity expectations; Circular exchange; Trading posts; ETACE_Agent_Based_Modelling
Erscheinungsjahr
2008
Zeitschriftentitel
Journal of Economic Behavior and Organization
Band
68
Ausgabe
3-4
Seite(n)
525-552
ISSN
0167-2681
Page URI
https://pub.uni-bielefeld.de/record/1896061

Zitieren

van der Hoog S. On the Disequilibrium Dynamics of Sequential Monetary Economies. Journal of Economic Behavior and Organization. 2008;68(3-4):525-552.
van der Hoog, S. (2008). On the Disequilibrium Dynamics of Sequential Monetary Economies. Journal of Economic Behavior and Organization, 68(3-4), 525-552. doi:10.1016/j.jebo.2008.06.008
van der Hoog, S. (2008). On the Disequilibrium Dynamics of Sequential Monetary Economies. Journal of Economic Behavior and Organization 68, 525-552.
van der Hoog, S., 2008. On the Disequilibrium Dynamics of Sequential Monetary Economies. Journal of Economic Behavior and Organization, 68(3-4), p 525-552.
S. van der Hoog, “On the Disequilibrium Dynamics of Sequential Monetary Economies”, Journal of Economic Behavior and Organization, vol. 68, 2008, pp. 525-552.
van der Hoog, S.: On the Disequilibrium Dynamics of Sequential Monetary Economies. Journal of Economic Behavior and Organization. 68, 525-552 (2008).
van der Hoog, Sander. “On the Disequilibrium Dynamics of Sequential Monetary Economies”. Journal of Economic Behavior and Organization 68.3-4 (2008): 525-552.