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Existence and Uniqueness of Equilibrium in Nonoptimal Unbounded Infinite Horizon Economies
Morand, Olivier F.; Reffett, Kevin L. - 2002
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 …
Persistent link: https://www.econbiz.de/10010325013
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Existence and Uniqueness of Equilibrium in Nonoptimal Unbounded Infinite Horizon Economies
Morand, Olivier F.; Reffett, Kevin L. - Tinbergen Institute - 2002
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 …
Persistent link: https://www.econbiz.de/10005504922
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Existence and Uniqueness of Equilibrium in Nonoptimal Unbounded Infinite Horizon Economies
Morand, Olivier F.; Reffett, Kevin L. - Tinbergen Instituut - 2002
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 …
Persistent link: https://www.econbiz.de/10011256695
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Existence and Uniqueness of Equilibrium in Nonoptimal Unbounded Infinite Horizon Economies with Capital
Morand, Olivier F.; Reffett, Kevin - 2002
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 …
Persistent link: https://www.econbiz.de/10014120708
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On the solution of Markov-switching rational expectations models
Carravetta, Francesco; Sorge, Marco M. - 2011
equilibrium path from the corresponding perfect-foresight autoregressive Markov jump state motion. As the exact expression of the … condition for the mean-square stability of the obtained rational expectations equilibrium is also provided. -- Rational …
Persistent link: https://www.econbiz.de/10009126073
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Huggett Economies with Multiple Stationary Equilibria
Toda, Alexis Akira - 2017
equilibrium is unique if the income process is AR(1), but not necessarily so otherwise. With Gaussian shocks, I provide general … equilibrium …
Persistent link: https://www.econbiz.de/10012961145
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Edgeworth Box Economies with Multiple Equilibria
Toda, Alexis Akira - 2017
We derive sufficient conditions for the existence of multiple equilibria in two-good, two-agent pure exchange economies with heterogeneous but symmetric preferences with identical Bernoulli utilities. When preferences are non-homothetic (e.g., quadratic, quasi-linear, or HARA), multiple...
Persistent link: https://www.econbiz.de/10012969096
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Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria
Brown, Donald; Kannan, Ravi - 2003
We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where …
Persistent link: https://www.econbiz.de/10014080874
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Chapter 13. Local Interactions
zgr, Onur - In: Handbook of social economics : volume 1, (pp. 587-644). 2011
Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular...
Persistent link: https://www.econbiz.de/10014025690
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A fixed point theorem for discontinuous functions
Herings, Peter Jean-Jacques; Laan, Gerard van der; … - 2004
Any function from a non-empty polytope into itself that is locally gross direction preserving is shown to have the fixed point property. Brouwer's fixed point theorem for continuous functions is a special case. We discuss the application of the result in the area of non-cooperative game theory.
Persistent link: https://www.econbiz.de/10011342557