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We consider infinite horizon economies with incomplete financial markets. Securities are in positive net supply and may be infinite-lived. We establish existence of equilibria by requiring borrowing constrains instead of portfolio restrictions..
Persistent link: https://www.econbiz.de/10011807360
risk. By introducing default-dependent borrowing constraints, we show the existence of equilibrium. …
Persistent link: https://www.econbiz.de/10011807364
possible to account for equilibrium constraints and to evaluate the effects of exogenous labour demand shocks. We consider two …
Persistent link: https://www.econbiz.de/10013351737
-specific inputs in production. In an equilibrium model of the U.S. labor market, we examine the responses of employment and wages to …
Persistent link: https://www.econbiz.de/10014000460
Peter Howitt is best known for his contributions to growth theory, but his work in short- run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a...
Persistent link: https://www.econbiz.de/10014278230
turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium … an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III … equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching …
Persistent link: https://www.econbiz.de/10014280308
turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium … an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III … equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching …
Persistent link: https://www.econbiz.de/10014280321
sole and strict pure strategy Nash equilibrium, being that of strategies no vaccination and no imposition, respectively … transforms the Nash equilibrium into that of strategies vaccination and direct imposition, respectively, as materially come to … pure strategy Nash equilibrium, either in strategies vaccination and direct imposition or in strategies revolution and …
Persistent link: https://www.econbiz.de/10014304805
turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium … an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III … equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching …
Persistent link: https://www.econbiz.de/10014458130
turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium … an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III … equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching …
Persistent link: https://www.econbiz.de/10014458180