A theory of general economic equilibrium with incomplete financial markets is developed with many new features … money. To this end, equilibrium is given a variational formulation that brings fresh tools to the subject. A different way … framework of the model, the proof of equilibrium is able moreover to proceed under far weaker assumptions than usual on the …

equilibrium is unique if the income process is AR(1), but not necessarily so otherwise. With Gaussian shocks, I provide general … equilibrium …

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 …

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where …

hierarchical KLEM production function in a computable general equilibrium (CGE) model. The appropriate means of introducing energy …

Quantitative models, such as computable general equilibrium (CGE), that are increasingly used to inform policy …

establishes the existence of sequential competitive equilibrium, generalized recursive equilibrium, recursive equilibrium with an … extended-state space, and characterizes several important properties of the equilibrium variables. The equilibrium process … shocks such as Huggett (1997)'s economy. However, the existence of recursive equilibrium with the natural minimal state space …

divisible good. It is shown in an extremely simple manner that the market has a Walrasian equilibrium if and only if an … shown that the equilibrium prices of the goods and the profits of the agents are the optimal solutions of the linear program …

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust … infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set …. For such an arbitrary set it cannotbe guaranteed that there exists a constrained equilibrium satisfying the usual …