The mainstream view in economics has been a key factor in designing climate policies. Given that the controversy over the “efficiency paradox” has shown that mainstream economics is not neutral in the way it deals with climate change, the purpose of this paper is to investigate what insights...

Our earlier papers had extend to asymmetric information the classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew, ex ante, which price would prevail on each spot market. Common observation suggests,...

Our earlier papers had extended to asymmetric information some classical existence theorems of general equilibrium theory, under the standard assumption that agents had perfect foresights, that is, they knew at the outset which price would prevail tomorrow on each spot market. Yet, observation...

Focussing on their analysis of the optimal public goods provision problem, this paper follows the parallel development of equilibrium models and mechanism design after the accommodation of Samuelson's definition of collective goods to the general equilibrium framework. Both paradigms lead to the...

My paper examines how Lange integrated the Walrasian and the Keynesian ingredients in his research. I argue that his works proposed two kinds of macroeconomics. The first kind was IS-LM, but IS-LM interpreted as an aggregate version of Walras' general equilibrium model (Lange, 1938). The second...

Abstract This article studies a new class of models which synthesize the two traditions of general equilibrium with nonclearing markets and imperfect competition on the one hand, and dynamic stochastic general equilibrium (DSGE) models on the other hand. This line of models has become a central...

On démontre la stabilité de l'équilibre dans une économie walrasienne complètement décentralisée dans laquelle les prix sont fixés par les agents économiques et où échange et production ont lieu hors équilibre.

This review of the book "The Challenge of Financial Stability: A New Model and its Applications" by Goodhart C.A.E. and Tsomocos D.P. highlights the potential of the framework of strategic partial default of banks with credit chain on the interbank market for further theoretical and applied...

Within a standard framework à la Arrow-Debreu, we investigate the dynamics emerging from the interactions of heterogeneous households and firms that are adaptive price setters and financially constrained. We show that depending on the stringency of the financial constraints the model can settle...

This article introduces the cascaded individual model of Post-keynesian economics. This differs from the representative agent model of the old-keynesian model mathematically and methodologically. The model builds from five assumptions containing original concepts: cascaded individuals, a social...