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 …

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 …

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

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

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 …

admissible prices. We introduce a new equilibrium concept, called quantity constrained equilibrium (QCE), giving a unified …. Moreover, the set contains for every commodity a generalized Dreze equilibrium, being a QCE at which for that commodity no … binding trade opportunities on both supply and demand are expected, and also a generalized supply-constrained equilibrium at …

function itself. We apply the main existence result to prove the existence of a pure Cournot-Nash equilibrium in a Cournot …