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 …

, implementation of price-level targeting to achieve learning stability of the optimal RE equilibrium and whether, under learning …

subject is the basic toolbox of mainstream economics. The most important tools in this box are demand, supply and equilibrium … what economists tell us, demand, supply and equilibrium do not carry over to the actual world: they cannot be empirically …

will introduce enough new goods to avoid such a situation. In contrast, the decentralized equilibrium may involve long run …. In the latter equilibrium, capital and the number of varieties are larger than in the former, while consumption of each … endogenized, the satiated equilibrium generically survives. For some parameter values, its growth rate is positive while labor …

will introduce enough new goods to avoid such a situation. In contrast, the decentralized equilibrium may involve long run …. In the latter equilibrium, capital and the number of varieties are larger than in the former, while consumption of each …, the satiated equilibrium generically survives. For some parameter values, its growth rate is positive while labor supply …

We prove the existence of a minimal state space recursive equilibrium (RE) for a broad class of infinite horizon … dynamic general equilibrium models with positive externalities, dynamic complementarities, public policy, equilibrium … the literature. Rather, using partial ordering methods, we provide a qualitative theory of equilibrium comparative statics …

ecological equilibrium is hysteretic and a suitably designed temporary abatement policy can be used to steer the environment from … the bad to the good equilibrium. In all models considered in this paper, a "cold turkey" abatement policy is optimal, i …