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How to Compute Equilibrium Prices in 1891

Brainard, William C.; Scarf, Herbert E. - Cowles Foundation for Research in Economics, Yale University - 2000

Irving Fisher's Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium …, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society …'s endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report …

Persistent link: https://www.econbiz.de/10005087363

Alfred Marshall's Cardinal Theory of Value: The Strong Law of Demand

Brown, Donald J.; Calsamiglia, Caterina - Cowles Foundation for Research in Economics, Yale University - 2007

We show that all the fundamental properties of competitive equilibrium in Marshall's cardinal theory of value, as presented in Note XXI of the mathematical appendix to his Principles of Economics (1890), derive from the Strong Law of Demand. That is, existence, uniqueness, optimality, and global...

Persistent link: https://www.econbiz.de/10010895660

Marshall's Theory of Value and the Strong Law of Demand

Brown, Donald J.; Calsamiglia, Caterina - Cowles Foundation for Research in Economics, Yale University - 2007

We show that all the fundamental properties of competitive equilibrium in Marshall's theory of value, as presented in Note XXI of the mathematical appendix to his Principles of Economics (1890), derive from the Strong Law of Demand. This is, existence, uniqueness, optimality, global stability of...

Persistent link: https://www.econbiz.de/10005762791

Money (for New Palgrave Money and Finance)

Tobin, James - Cowles Foundation for Research in Economics, Yale University - 1992

Among the conventions of almost every human society of historical record has been the use of money, i.e., particular commodities or tokens as measures of value and media of exchange in economic transactions. Somehow the members of a society agree on what will be acceptable tender in making...

Persistent link: https://www.econbiz.de/10005463994

Inside and Outside Money, Gains to Trade, and IS-LM

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2000

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the nominal effects of government fiscal and monetary policy...

Persistent link: https://www.econbiz.de/10004990799

Inside and Outside Money, Gains to Trade, and IS-LM

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2000

Persistent link: https://www.econbiz.de/10005087396

Credit Cards and Inflation

Geanakoplos, John; Dubey, Pradeep - Cowles Foundation for Research in Economics, Yale University - 2009

The introduction and widespread use of credit cards increases trading efficiency but, by also increasing the velocity of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre-credit card price levels by reducing the money supply,...

Persistent link: https://www.econbiz.de/10005016204

Exchange Rates and Casualties During the First World War

Hall, George J. - Cowles Foundation for Research in Economics, Yale University - 2001

I estimate a single factor model of Swiss exchange rates during World War I for five of the primary belligerents: Britain, France, Italy, Germany, and Austria-Hungary. At the outbreak of the war these nations suspended convertibility of their currencies into gold with the promise that after the...

Persistent link: https://www.econbiz.de/10005593654

Real Determinacy with Nominal Assets

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2003

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity allocations are determinate, even though asset markets are incomplete and asset deliveries are purely nominal.

Persistent link: https://www.econbiz.de/10005762591

The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach

Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2006

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and coalitional forms for describing the economy. The economy is first modeled as a strategic market game, then the strategic form is used to calculate several cooperative forms that...

Persistent link: https://www.econbiz.de/10005762688