This paper contributes to the existing literature in the rational expectations cash-in-advance asset-pricing general equilibrium model in two directions: first, we show that by allowing a variable velocity of circulation, an increase in the conditional variance of the money growth process triggers an increase in the demand for money relative to stocks and bonds with a consequent reduction in stock and bond prices, which is the opposite of the current result in the literature with constant unitary velocity; second, we explicitly show how the sequential markets and specific timing of information fits exactly into the notion of irreversibility in the sense that when faced with uncertainty, agents might find optimal to delay decisions in order to wait for the arrival of new information.