Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information, Nash-Walras equilibria...

In this paper, from the excess utility function we obtain a binary relation in the social weights space and then, for an infinite dimensional economy, we prove the existence of equilibrium in our approach we don't suppose the existence of a demand function. Finally, we obtain a condition for the...

A dynamic computable general equilibrium (CGE) model is constructed for the current Chinese economy. The model incorporates key dynamic features into the framework of a comparative static CGE model. The model is capable of tracking, at micro-level, the sectoral responses of various endogenous...

This paper "tests" the performance of the approaches of Watson (1993), DeJong, Ingram and Whiteman (1996), Canova and De Nicolo (1995) and Ortega (1998) for evaluating stochastic dynamic general equilibrium models using Monte Carlo techniques. It asks: Do different model evaluation methodologies...

In this paper we construct a dynamic stochastic general equilibrium model for a small open economy allowing for perfect capital mobility. The model incorporates price rigidities in monopolistically competitive goods and labor markets and real rigidities in the form of capital adjustment costs....

The liquidity effect, defined as a decrease in nominal interest rates in response to a monetary expansion, is a major stylized fact of the business cycle. This paper seeks to understand under what conditions such an effect can be explained in a general equilibrium model with sticky prices and...

This paper presenta a general equilibrium model of imperfect competition in which firm efficiency depends on the level of product market competition. X-efficiency is shown to arise to the extent unions directly affect the level of employment. A positive relationship is established between total...

The critical role of free entry to correct inherent deviance behavior has been stressed by Vanek (1970), Meade (1972) amongst others. The equivalence theorem (Dreze 1976) defines that labour and entrepreneurial management both lead to the same Pareto optimal equilibrium provided that there is...