We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with...

In this paper we will study statistical equilibria in commodity markets where agents have a specified utility attached to every transaction in their offer sets. A probability measure on the product of all offer sets is called benefit efficient if market transactions with higher total benefit are...

Diese Abhandlung hat die isolierende Betrachtungsweise (ceters-paribus-Analyse) und konzeptionellen Grundlagen der aggregierten Analyse zum Gegenstand. Die Überlegungen bauen auf den Schriften von Alfred Marshall (1842-1924) und John Maynard Keynes (1883-1946) auf.

We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with...

The paper presents a model of a software monopolist who benefits from a lagged network externality arising from consumers' feedback through the so-called bug-fixing effect. That is, the software producer is able to correct errors in the software code detected by previous users, improving her...

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannotbe guaranteed that...

In monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits...

Diese Arbeit beschäftigt sich mit der Integration unfreiwilliger Arbeitslosigkeit in allgemeine Gleichgewichtsmodelle offener Volkswirtschaften. Das Walras oder Arrow-Debreu allgemeine Gleichgewichtskonzept wird im Licht unfreiwilliger Arbeitslosigkeit neu bewertet, und mit dem allgemeinen...