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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 effects of international financial integration in a model with heterogeneous firms and credit frictions
Clemens, Christiane; Heinemann, Maik - 2013
This paper examines the consequences of international financial integration in a two-sector heterogeneous-agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic and distributional effects of financial market...
Persistent link: https://www.econbiz.de/10010199729
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Bankruptcy in General Equilibrium
Sabarwal, Tarun - 2019
In this paper, I construct a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. This model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, I show that every economy...
Persistent link: https://www.econbiz.de/10012889092
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A General Model of Information Sharing in Oligopoly
Raith, Michael A. - 2008
Under which circumstances do oligopolists have an incentive to share private information about a stochastic demand or … stochastic costs? We present a general model which includes virtually all models of the existing literature on information … simple principles determining the incentives to share information can be obtained. Most existing results are generalized and …
Persistent link: https://www.econbiz.de/10012771171
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A New Approach for the General Equilibrium Analysis. Increase of the Production and Employment with Monetary and Fiscal Boosts
Nomidis, Dimitrios - 2014
information is perfect and expectations are rational. Furthermore, this temporary increase in production would occur, even if the …
Persistent link: https://www.econbiz.de/10013053400
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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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Ergodic Markov equilibrium with incomplete markets and short sales
Braido, Luis H. B. - In: Theoretical economics : TE ; an open access journal in … 8 (2013) 1, pp. 41-57
This paper studies recursive exchange economies with short sales. Agents maximize discounted expected utility. The asset structure is general and includes real securities, infinite-lived stocks, options, and other derivatives. The main result shows the existence of a competitive equilibrium...
Persistent link: https://www.econbiz.de/10011689003
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The Complete Removal of Individual Uncertainty : Multiple Optimal Choices and Random Exchange Economies
Sun, Yeneng - 2000
The aim of this paper is to develop some measure-theoretic methods for the study of large economic systems with individual-specific randomness and multiple optimal actions. In particular, for a suitably formulated continuum of correspondences, an exact version of the law of large numbers in...
Persistent link: https://www.econbiz.de/10014179644
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Prices and taxes in a Ramsey climate policy model under heterogeneous beliefs and ambiguity
Von zur Mühlen, Peter - In: Economies : open access journal 10 (2022) 10, pp. 1-56
In a Ramsey policy regime, heterogeneity in beliefs about the potential costs of climate change is shown to produce policy ambiguities that alter carbon prices and taxation. Three sources of ambiguity are considered: (i) the private sector is skeptical, with beliefs that are unknown to the...
Persistent link: https://www.econbiz.de/10013498952