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Hoarding in General Equilibrium
Economica, 1990Hoarding of money-supply increases can explain long and variable lags from money-supply changes to changes in aggregate expenditure and average prices. The Archibald-Lipsey model relies upon differences in income elasticities of demand for real money balances to explain aggregate hoarding of money-supply changes.
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On Uniqueness of General Equilibrium
The Review of Economic Studies, 1981Interest in the uniqueness of general equilibrium price is being revived with a new view from differential topology (Debreu (1970), Dierker (1972), Varian (1975), Nishimura (1978)). They provide sufficient conditions for uniqueness that may be summarized as follows: if the determinant of a Jacobian at equilibria has a non zero constant sign then the ...
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General Equilibrium vs. General Nash Equilibrium
SSRN Electronic Journal, 2018We generalize the concept of Nash equilibrium to the concept of general Nash equilibrium such that it becomes applicable to more general games. We also generalize the concept of general equilibrium in general equilibrium theory to a more general concept of general equilibrium such that it becomes applicable to any game.
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Overlapping Generations Model of General Equilibrium [PDF]
, 1987 The consumption loan model that Paul Samuelson introduced in 1958 to analyse the rate of interest, with or without the social contrivance of money, has developed into what is without doubt the most important and influential paradigm in neoclassical general equilibrium theory outside of the Arrow—Debreu economy.
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Uncertainty and General Equilibrium
1987One of the notable intellectual achievements of economic theory during the past years has been the rigorous elaboration of the Walras-Pareto theory of value; that is, the theory of the existence and optimality of competitive equilibrium. Although many economists and mathematicians contributed to this development, the resulting edifice owes so much to ...
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General Equilibrium in a Pluralistic Economy
International Economic Review, 1971AN IMPORTANT FEATURE of modern pluralistic societies is the presence of interest groups whose behavior is a major determinant of economic and political life. Individual citizens tend to form themselves into pressure groups largely along socio-economic lines, whose purpose (whether stated or not) is to pursue the interests of their members in whatever ...
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existence of general equilibrium
1987Leon Walras provided in his Elements d’economie politique pure (1874–7) an answer to an outstanding scientific question raised by several of his predecessors. Notably, Adam Smith had asked in An Inquiry into the Nature and Causes of the Wealth of Nations (1776) why a large number of agents motivated by self-interest and making independent decisions do ...
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Temporary General Equilibrium Theory
Econometrica, 1977This paper surveys some recent studies of economies where trading takes place sequentially over time, and where each agent makes decisions at every date in the light of his expectations about his future environment, which are functions of his information on the present and past states of the economy.
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2008
The general equilibrium theory of value, as developed by Walras (1874–77) and his followers, determines the relative prices of goods in terms of non-monetary factors such as technology, preferences, and endowments. Monetary factors are used to determine the nominal price level once relative prices have been determined. Relative prices are determined by
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The general equilibrium theory of value, as developed by Walras (1874–77) and his followers, determines the relative prices of goods in terms of non-monetary factors such as technology, preferences, and endowments. Monetary factors are used to determine the nominal price level once relative prices have been determined. Relative prices are determined by
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Partial Equilibrium Thinking in General Equilibrium
SSRN Electronic Journal, 2019We develop a theory of “Partial Equilibrium Thinking” (PET), whereby agents fail to understand the general equilibrium consequences of their actions when inferring information from endogenous outcomes. PET generates a two-way feedback effect between outcomes and beliefs, which can lead to arbitrarily large deviations from fundamentals.
Bastianello, Francesca +1 more
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