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 …

The existence of an exact Walrasian equilibrium in non convex economies is still a largely unexplored issue. In this … paper an existence result for exact equilibrium in non convex economies is provided by following the "almost-near" approach … set of "perturbed" economies with the same number of agents exhibiting an exact Walrasian equilibrium; moreover as the …

assumptions are satisfied, but no Nash equilibrium exists. This finding reinforces that certain additional conditions appearing in … the literature (primarily, the lower hemicontinuity of feasibility correspondences) are indispensable for equilibrium …

Uniqueness of equilibrium is a relatively unexplored issue in incomplete markets compared with complete markets. This … work shows that one-fund separation is sufficient for the uniqueness of equilibrium in a special class of incomplete … equilibrium to exhibit one-fund separation in incomplete market economies, in which two agents have identical homothetic …

of a Markov equilibrium or such equilibrium is not continuous. These examples pose further challenges for the analysis …

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 …

” equilibrium in the absence of a coordinated action to increase employment. Koopmans replied with a paper demonstrating that … contributed to a larger turn away from dynamizing the general equilibrium model, towards the new field of macrodynamics, with long …

equilibrium structure of exchange economies to a two period private ownership production model with uncertainty. It shows that … long run equilibrium properties of the production model are those of the pure exchange economy with production adjusted … demand functions. Associated with every long run equilibrium there exist a finite, odd number of short run equilibria …

Harrison, Rutherford and Tarr (1997) use a multiregional Computable General Equilibrium (CGE) model with a CES …

assert their interest, and constraint forces emerging from system constraints. The approach is based on a genuine dynamic out-of-equilibrium … under constraint and provide an out-of-equilibrium foundation for equilibrium models. We transform a static textbook …