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equilibrium prices, whereas in the second one, the monetary model, a .particular market economy. arises, which is linked to …
Persistent link: https://www.econbiz.de/10005606916
of rates of interest, there is a nontrivial multiplicity of equilibrium paths of prices of commodities. Determinacy …
Persistent link: https://www.econbiz.de/10005749674
conceptual background of the new system design. The new system’s long-term objective is to ensure intergenerational equilibrium …
Persistent link: https://www.econbiz.de/10005784775
, the extent of delegation and equilibrium prices are all determined endogenously within the model we consider. Symmetric … performance fees have more complex effects on equilibrium prices and Sharpe ratios, with the signs of these effects fluctuating …
Persistent link: https://www.econbiz.de/10008528548
Under a comonotonicity assumption between aggregate dividends and the market portfolio, the CCAPM formula becomes more tractable and more easily testable. In this paper, we provide theoretical justifications for such an assumption.
Persistent link: https://www.econbiz.de/10008532425
existence of an equilibrium under assumptions, which are at the same level of generality than the ones for the existence in an …
Persistent link: https://www.econbiz.de/10009645283
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 …
Persistent link: https://www.econbiz.de/10009226168
Frictionless economy is the new concept emerged from late 90s1. Its core idea is to remove the time both suppliers and customers spend on the trial and error on the price. So the markets always perform on the equilibriums. So markets can work in the perfect efficiency. But due to the various...
Persistent link: https://www.econbiz.de/10009353526
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …
Persistent link: https://www.econbiz.de/10008561108
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium …
Persistent link: https://www.econbiz.de/10008568535