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European Economic Integration, WTO Membership, Immigration and Offshoring

Kohler, Wilhelm - World Scientific Publishing Co. Pte. Ltd.

This volume is a collection of papers that apply general equilibrium theory in order to obtain policy relevant insights … dynamic numerical general equilibrium methods to quantify the effects of geographic extension of the European Union, including …

Persistent link: https://www.econbiz.de/10011010990

Markets and contracts

Bisin, A.; Geanakoplos, J.D.; Gottardi, P.; Minelli, E.; … - In: Journal of Mathematical Economics 47 (2011) 3, pp. 279-288

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium … anonymous markets are viable. But, for a generic economy, competitive equilibrium allocations are constrained suboptimal: there …

Persistent link: https://www.econbiz.de/10010574778

Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion

Basak, Suleyman; Yan, Hongjun - C.E.P.R. Discussion Papers - 2009

general-equilibrium analysis in the presence of money illusion generates implications that are consistent with several …

Persistent link: https://www.econbiz.de/10005048554

Asset Prices with Heterogenous Beliefs

Basak, Suleyman - C.E.P.R. Discussion Papers - 2004

opinion enter into security prices. In the determination of equilibrium, we employ a representative investor with stochastic …

Persistent link: https://www.econbiz.de/10005661585

Equilibrium Prices in the Presence of Delegated Portfolio Management

Cuoco, Domenico; Kaniel, Ron - C.E.P.R. Discussion Papers - 2009

, the extent of delegation and equilibrium prices are all determined endogenously within the model we consider. Symmetric … performance fees have more complex effects on equilibrium prices and Sharpe ratios, with the signs of these effects fluctuating …

Persistent link: https://www.econbiz.de/10008528548

The nature of equilibrium in macroeconomics: A critique of equilibrium search theory

Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics - The Open-Access, Open-Assessment E-Journal 3 (2009), pp. 1-9

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …

Persistent link: https://www.econbiz.de/10008561108

Chapter 13. Local Interactions

zgr, Onur - In: Handbook of social economics : volume 1, (pp. 587-644). 2011

Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular...

Persistent link: https://www.econbiz.de/10014025690

Chapter 11. Computing All Solutions to Polynomial Equations in Economics

Kubler, Felix; Renner, Philipp; Schmedders, Karl - In: Handbook of computational economics : volume 3, (pp. 599-652). 2014

Multiplicity of equilibria is a common problem in many economic models. In general, it is impossible to devise methods that always find all equilibria for any type of model. A notable exception are models in which all equilibria are solutions to a system of polynomial equations since there are...

Persistent link: https://www.econbiz.de/10014025711

Reform Without Losers: An Interpretation of China's Dual-Track Approach to Transition

Lau, Lawrence J; Qian, Yingyi; Roland, Gérard - C.E.P.R. Discussion Papers - 1998

We develop a simple model to analyse the ‘dual-track’ approach to transition to a market economy as a mechanism for implementing efficient Pareto-improving economic reform, that is, reform achieving efficiency without creating losers. The approach, based on the continued enforcement of the...

Persistent link: https://www.econbiz.de/10005504255

The Observational Equivalence of Taylor Rule and Taylor-Type Rules

Minford, Patrick; Perugini, Francesco; Srinivasan, Naveen - C.E.P.R. Discussion Papers - 2001

In the past few years the view has commonly been expressed that central banks follow `Taylor Rules' (as first promulgated by Henderson and McKibbin (1993)). We show that the appearance of such an interest rate rule – a ‘pseudo-Taylor rule’ – can be created by a standard macro model in...

Persistent link: https://www.econbiz.de/10005497796