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Regular infinite economies
Covarrubias, Enrique - 2010
The main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural...
Persistent link: https://www.econbiz.de/10003962133
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The equilibrium set of economies with a continuous consumption space
Covarrubias, Enrique - 2010
We study global properties of the equilibrium set of economies with a continuous consumption space. This framework is important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous states of nature) and commodity differentiation. We...
Persistent link: https://www.econbiz.de/10008656723
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The number of equilibria of smooth infinite economies
Covarrubias, Enrique - 2011
We construct an index theorem for smooth infinite economies that shows that generically the number of equilibria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria. -- Uniqueness ; determinacy ; equilibria ; infinite...
Persistent link: https://www.econbiz.de/10009127582
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Re-examination of Modern Macroeconomics : Market Failure in a Walrasian Economy and Keynes’ Unemployment Equilibrium
Kawai, Eizo - 2017
disequilibrium are considered to be the crucial cause of market failure in the Walrasian economy. The Walrasian price mechanism … stochastic general equilibrium models are unnecessary and impossible. Second, Keynes’ unemployment equilibrium is realized due to … market failure in the Walrasian economy. Therefore, involuntary unemployment is caused not by the price aspect but by …
Persistent link: https://www.econbiz.de/10014147193
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Macroeconomics before microeconomics : a sceptic's guide to macroeconomics
Milgate, Murray; Eatwell, John - In: Pasinetti and the classical Keynesians : nine …, (pp. 157-186). 2021
Persistent link: https://www.econbiz.de/10013198819
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Sticky Leverage : Comment
Ajello, Andrea; Perez-Orive, Ander; Szoke, Balint - 2023
We revisit the role of long-term nominal corporate debt for the transmission of inflation shocks in the general … importance of corporate leverage in the transmission of inflation shocks to real activity in their framework is 6 times larger …
Persistent link: https://www.econbiz.de/10014349961
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Jean-Michel Grandmont : a forthcoming mind
Linnemer, Laurent; Visser, Michael S. - 2018
This profile of Jean-Michel Grandmont is based on several interviews we had with him between September 2016 and April 2017. The interviews took place at our CREST offices, located at that time in Malakoff, just south of Paris. The objective of the profile is twofold. First, we trace the career...
Persistent link: https://www.econbiz.de/10011853287
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The Validity of Walras’ Law in a Monetary Exchange Economy : Money, Prices and the Integration of Monetary and Value Theory
Túñez Area, Narciso - 2020
according to which disequilibrium in market economies has a compensatory nature. Hence, disequilibrium in any market would imply ….e. they are not substitutes of money. When budget constraints take into account the realization problem associated with the … violation of the Classical Gross Substitution Axiom, disequilibrium turns out to be non-compensatory. This paper shows that …
Persistent link: https://www.econbiz.de/10012831481
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Kinky Perceived Demand Curves and Keynes-Negishi Equilibria
Dreze, Jacques H. - 2007
The label quot;Keynes-Negishi equilibriaquot; is attached here to equilibria in a monetary economy with imperfectly competitive product and labor markets where business firms and labor unions hold demand perceptions with kinks - as posited in Negishi's 1979 book Microeconomic Foundations of...
Persistent link: https://www.econbiz.de/10012728674
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On two recent attempts to introduce animal spirits in macroeconomics : heresy or enlightened church reform?
Togati, Teodoro Dario - In: PSL quarterly review 74 (2021) 296, pp. 51-73
As noted by Alan Greenspan in 2008, one key flaw in standard models is that they treat animal spirits as a simple 'add factor' rather than as a structural one. This paper evaluates the extent to which two recent approaches placing the emphasis on animal spirits - namely Farmer's...
Persistent link: https://www.econbiz.de/10013175039