In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the … state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities … existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient …

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the … state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities … existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

This introduces the symposium on general equilibrium. …

In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of …

class of market frictions. It is said to be viable as a model of economic equilibrium if there exist price-taking maximizing … the original equilibrium does not collapse when a new market opens, regardless of preferences and endowments. If the …

Since Leon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … the 'data requirement' precludes all attempts at the empirical verification of the existence of a stable equilibrium. If …

class of market frictions. It is said to be viable as a model of economic equilibrium if there exist price-taking maximizing … the original equilibrium does not collapse when a new market opens, regardless of preferences and endowments. If the …

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in the the state … space is unbounded. Important examples of such economies are single vector growth models with production externalities … existence and uniqueness of Markovian equilibrium are well known for the compact state space case, no similar sufficient …

existence of an equilibrium under assumptions, which are at the same level of generality than the ones for the existence in an …