The relationship between the core of an exchange economy and competitive equilibrium is well-known from the work of Debreu and Scarf (1963). If we define a group of individuals of the same type to be a group with the same preferences and endowments, Debreu and Scarf have shown that if there are...

We examine the determination of spot and futures prices in rational expectations equilibrium in a model with three groups of agents, agricultural producers, processing firms and speculators. We find necessary and sufficient conditions for producers to be short, expected future spot price (normal...

Do emerging economies need a bankruptcy procedure to handle potential debt defaults? Jeff Sachs and John Williamson, for example, say yes. But others, including notably the two Working Groups who issued reports on Crisis Resolution (on behalf of G10 and the Institute of International Finance)...