The paper analyzes the possibility of reaching an equilibrium in a market of marine mutual insurance syndicates, called … documented findings, and points out an interesting future scenario. We find an equilibrium in a market of mutual marine insurers …

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …

Modern mainstream macroeconomics treats the economy 'as if' always in equilibrium. Two older traditions, Monetarism and …-ordination of their activities are prior problems requiring attention before equilibrium can, or cannot, be assumed. They have …

Equilibrium assumptions posit relations between different people's beliefs and behavior without describing a process … that causes these relations to hold. I show that because equilibrium models do not describe a causal process whereby one … misleading predictions about how these models work. Equilibrium assumptions also imply absurd paradoxes: history can determine …

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 …

basic thrust of this paper is to evaluate monetary policy - tradeoffs using a dynamic stochastic general equilibrium …