Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … paper examines four such models of increasing complexity, including the affine nonlinear feedback H∞-control, to show that … the "data requirement" precludes all attempts at the empirical verification of the existence of a stable equilibrium. If …

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 …

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 develop a general equilibrium production network model that spans two periods and incorporates heterogeneous … dynamic framework, we establish the existence and uniqueness of a competitive equilibrium and provide explicit analytical …

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 …

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 …

We propose an equilibrium framework within which to price financial securities written on non- tradable underlyings … equilibrium result for derivative prices and characterize the equilibrium market price of risk in terms of a solution to a non …-linear BSDE. -- Backward stochastic differential equations ; dynamic risk measures ; partial equilibrium ; equilibrium pricing …

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 …