کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967384 931216 2006 27 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Price dispersion, information and learning
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Price dispersion, information and learning
چکیده انگلیسی
We consider an economy where trade is decentralized and agents have incomplete information with respect to the value of money. Agents' learning evolves from private experiences and we explore how the formation of prices interacts with learning. We show that multiple equilibria arise, and equilibria with price dispersion entail more learning than equilibria with one price. Price dispersion increases communication about private histories, which in turn increases the overall amount of information in the economy. We also compare ex ante welfare under price dispersion and one price. Our results show that, despite the existence of some meetings where no trade takes place, ex ante welfare under price dispersion may be higher than under one price.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 53, Issue 6, September 2006, Pages 1197-1223
نویسندگان
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