2 edition of **Expectations equilibria in a fix-price model** found in the catalog.

Expectations equilibria in a fix-price model

Demetris Yannelis

- 105 Want to read
- 37 Currently reading

Published
**1984**
by Dept. of Economics and Institute for Policy Analysis, University of Toronto in Toronto
.

Written in English

- Macroeconomics -- Mathematical models,
- Equilibrium (Economics),
- Prices -- Mathematical models,
- Employment (Economic theory) -- Mathematical models

**Edition Notes**

Bibliography: p. [38-39]

Statement | by Demetrius C. Yannelis. |

Series | Working paper -- no. 8416, Working paper series (University of Toronto. Institute for Policy Analysis) -- no. 8416. |

Classifications | |
---|---|

LC Classifications | HB172.5 Y36 1984 |

The Physical Object | |

Pagination | 35, [4] p. ; |

Number of Pages | 35 |

ID Numbers | |

Open Library | OL18906770M |

This book is an excellent state-of-the-art survey of a wide range of cussion of rational expectations equilibria and problems of private in- author's fix-price model, viz. classical unemployment, Keynesian un-employment, and repressed inflation. Ben assy analyses the impact of. This paper addresses the problem of multiple equilibria in a model of time-consistent monetary policy. It suggests that this problem originates in the assumption that agents have rational expectations and proposes several alternative restrictions on expectations that allow the monetary authority to build credibility for a disinflationary policy by demonstrating that it will Cited by:

This Princeton University Press monograph is about robust filtering and control. It adapts H_2, H_\infty, and entropy methods to handle discounted problems. Both single agent and multiple agent settings are studied. There are new chapters about recursive equilibria in this version. The book includes two chapters about robust filtering and. 2. "Expectations Equilibria in a Fix-price Model". Working Paper , University of Toronto. European Meetings of the Econometric Society Madrid, September CONTRIBUTION TO COLLECTIVE VOLUMES. 1. "The Greek Telecoms Market before and after Liberalization", (with H. Gaglia), in "Essays in Honour of Th. Skountzos" Piraeus 2.

Keynes argued that the state of long term expectations determines the level of economic activity. Keynesian economics, however, lacks a microfoundation, which modern macroeconomics exploits. Farmer fills the gap and explores the role of Keynes's state of long term expectations to the macroeconomy in the language of dynamic general equilibrium 4/5. ship is endogenous, which motivates the term "rational expectations equilibrium." This paper shows that, in a particular model of asset trading, if the number of alternative states of initial information is finite then, generically, rational expectations equilibria exist that reveal to all traders all of their initial by:

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Or get business-day shipping on this item for $ (Prices may vary for AK and HI.) Note: Available at a lower price from other sellers that may not offer free Prime shipping. The top Business and Leadership books of last year picked by Amazon Book Review Editor Cited by: Following the work of Zabel (), Maccini (), Reagan (), and Reagan and Weitzman (), Blinder () laid the foundations of the rational expectations equilibrium inventory model.

To the three reasons for holding inventories in the model Format: Paperback. Equilibrium Models in Economics is a trenchant exploration of how the discipline has grappled with attempts to understand and explain the way information, knowledge, and the expectations of actors participating in the economy influence outcomes and behavior.

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Following the work of Zabel (), Maccini (), Reagan (), and Reagan and Weitzman (), Blinder () laid the foundations of the rational expectations equilibrium inventory model. To the three reasons for holding inventories in the model. The proof of Theorem is postponed to the end of this section.

The main economic result in this paper states that fully rational expectations approximate equilibria exist (in the original economy modelled in this paper and satisfying my assumptions) whenever the distributions of noisy price observations are sufficiently tightly by: ship is endogenous, which motivates the term "rational expectations equilibrium." This paper shows that, in a particular model of asset trading, if the number of alternative states of initial information is finite then, generically, rational expectations equilibria exist that reveal to all traders all of their initial information.

INTRODUCTION1. A two-period model of temporary equilibrium with rationing is presented, paying particular attention to agents' expectations of future constraints. it is shown that with arbitrary constraint. The theory of non-Walrasian equilibria provides a method for analysing the problems of allocation in an economy with imperfectly functioning markets.

This method is new, and represents a direct line of development which in our view can be traced from Clower’s original () article to the construction of general non-Walrasian equilibrium : Antoine d’Autume.

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It is implicitly assumed that real money balances This is true in the first period of the model by Neary and Stiglitz (), even though expectations on quantity constraints are held for the second period.

/86/$Elsevier Science Publishers B.V. (North-Holland) D. Yannelis / Stability of non- Walrasian equilibria are constant in disequilibrium and, Author: Demetrius C. Yannelis. This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics.

It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium Cited by: This paper examines various unemployment equilibria in a fix-price model of an open economy with nontraded goods.

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Introduced in his paper, a "Drèze equilibrium" occurs when supply (demand) is constrained only when prices. Beyond that little problem, Mason raises the further problem that, in a rational-expectations equilibrium, it makes no sense to speak of a shock, because the only possible meaning of “shock” in the context of a full intertemporal (aka rational-expectations) equilibrium is a failure of expectations to be realized.Accordingly, equilibrium excludes systematic deviations between actual and expected inflation, which means that the equilibrium unemployment rate ends up independent of "policy" in our model.

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