to a particular equilibrium. In this paper, we employ notions of robustness, learnability, and the potential for policy … errors to motivate and develop a suite of equilibrium selection criteria. Central among these criteria are whether the … equilibrium is learnable by private agents and jointly learnable by private agents and the policymaker. We use two New Keynesian …

of a Markov equilibrium or such equilibrium is not continuous. These examples pose further challenges for the analysis …

in some cases lead to a Pareto welfare improvement for all agents, through general equilibrium effects, by generating …

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 …

We show the existence of a pure strategy, symmetric, increasing equilibrium in double auction markets with correlated … private valuations and many participants. The equilibrium we find is arbitrarily close to fully revealing as the market size …

This paper considers a prototypical monetary business cycle model for the U.S. economy, in which the equilibrium is … estimates to values for which the equilibrium is unique. We show how the likelihood-based estimation of dynamic stochastic … general equilibrium models can be extended to allow for indeterminacies and sunspot fluctuations. We propose a posterior odds …

” equilibrium in the absence of a coordinated action to increase employment. Koopmans replied with a paper demonstrating that … contributed to a larger turn away from dynamizing the general equilibrium model, towards the new field of macrodynamics, with long …