This paper shows that Keynes's involuntary unemployment derived from Walras's voluntary unemployment by means of changing of the characteristic of the aggregate supply curve (function) of labour. On the one hand, when the original aggregate supply function is a strongly increasing function, as...

We study competitive search in goods markets in a heterogeneous-agent monetary model. The model accounts for three stylized facts connecting inflation to consumption inequality, to price dispersion, and to the speed of monetary payments. With competitive search, individuals’ endogenous...

The marketing and sales polices of Iranian crude oil have been revised and changed after the Islamic Revolution of 1979. Production policy that drastically cut back production in order to maintain oil reserves for future generations. In terms of marketing Iranian crude oil, the new revolutionary...

Efficient, accurate, multi-dimensional, numerical integration has become an important tool for approximating the integrals which arise in modern economic models built on unobserved heterogeneity, incomplete information, and uncertainty. This paper demonstrates that polynomial-based rules...

This note demonstratres a potential theoretical problem in achieving general equilibrium in an economy composed of competitive firms maximizing income per worker, under conditions of fixed capital; a problem which might suggest that disequilibria in some markets might be a rule rather than...

We study consumption behaviour in systems with heterogeneous interacting agents. Two different models are introduced, respectively with long and short range interactions among agents. At any time step an agent decides whether or not to consume a good, doing so if this provides positive utility....