In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the … state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities … existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient …

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the … state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities … existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient …

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the … state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities … existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient …

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the … state space is unbounded. Important examples of such economies are single sector growth models with production externalities … existence and uniqueness of Markovian equilibrium are well known for the compact state space case, no similar sufficient …

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 …

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 …

equilibrium is unique if the income process is AR(1), but not necessarily so otherwise. With Gaussian shocks, I provide general … equilibrium …

Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the … 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 …