” 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 …

investors differ in their trading needs. Our equilibrium model generates a clientele effect (frequently trading investors only …

investors differ in their investment horizons. In equilibrium, illiquidity spills over from short-term to long-term assets and …

investors differ in their investment horizons. In equilibrium, short-horizon investors only invest in short-term assets and …