Download or read book Generic Existence of Sunspot Equilibria written by Piero Gottardi and published by . This book was released on 1995 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Generic Existence of Sunspot Equilibria written by Piero Gottardi and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Existence of Adaptive Stable Sunspot Equilibria Near an Indeterminate Steady State written by George W. Evans and published by . This book was released on 2001 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Existence of Adaptively Stable Sunspot Equilibria Near an Indeterminate Steady State written by and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dynamic Determinacy and the Existence of Sunspot Equilibria written by John Laitner and published by . This book was released on 1987 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper relates the existence of stationary sunspot equilibria in the vicinity of a conventional stationary state to the phase diagram surrounding the latter. We find that the local condition required for a unique equilibrium path returning to the stationary state following any slight disturbance of initial conditions is also sufficient to exclude stationary sunspot equilibria in the stationary state's immediate vicinity. In that sense, an eigenvalue condition familiar from dynamic analysis can tell us something about the possibilities of local sunspot activity as well.
Download or read book Existence of Adaptively Stable Sunspot Equilibria Near an Indeterminate Steady State written by George W. Evans and published by . This book was released on 2001 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Dynamic General Equilibrium Theory written by Alessandro Citanna and published by Springer Science & Business Media. This book was released on 2006-01-11 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.
Download or read book Assessing Rational Expectations 2 written by Roger Guesnerie and published by MIT Press. This book was released on 2005-02-18 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.
Download or read book Differential Topology and General Equilibrium with Complete and Incomplete Markets written by Antonio Villanacci and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .
Download or read book Knowledge Beliefs and Economics written by R. Arena and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors to this book also suggest the need for a more integrated perspective on the meaning, as well as the role, of knowledge and beliefs in economics in the future. Possible lines of future research such as the extension of the concept of rationality in economics or the focus on cognitive processes in economic action are discussed.
Download or read book Sunspot Fluctuations in Dynamics with Predetermined Variables written by Julio Davila and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I study the existence of Sunspot Equilibria in a general framework whose dynamics allow for the presence of predetermined variables in the system. The main motivation for this research comes from the fact that previous studies did not allow for such predetermined variables which, nevertheless, appear quite naturally in economic models. I show, for a non-negligible subset of dynamics with predetermined variables verifying usual assumptions, the existence of Stationary Sunspot Equilibria fluctuating between an arbitrary finite number of states arbitrarily close to a steady state.
Download or read book Understanding Financial Crises written by Franklin Allen and published by OUP Oxford. This book was released on 2009-04-02 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.
Download or read book Journal of Economic Theory written by Karl Shell and published by . This book was released on 1998 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the Role of Options in Sunspot Equilibria written by Atsushi Kajii and published by . This book was released on 1991 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Collected Scientific Work of David Cass written by Stephen E. Spear and published by Emerald Group Publishing. This book was released on 2011-01-27 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers the period from the middle 1980's through the end of David Cass' life in 2008.
Download or read book The Robustness of Equilibria to Incomplete Information written by Atsushi Kajii and published by . This book was released on 1995 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mainstream Mathematical Economics in the 20th Century written by PierCarlo Nicola and published by Springer Science & Business Media. This book was released on 2000-04-05 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: To write everything about nothing, or to write nothing about everything: this is the problem. (Anonym, circa 1996-97) The first idea to write a book on M athematical Economics, more or less ordered in a historical sequence, occurred to me in 1995, when I was asked, by Istituto delta Enciclopedia Italiana, to write the entry "Storia dell'economia 1 2 matematica" , for the collective work "Storia deI XX Secolo". I thought that it would be interesting to elaborate on the text presented to the editors, to turn it into a book aiming at giving a panorama of what, in my opinion, are the main 20th century contributions to mathematical eco nomics. Of course, only a narrow set of the contributions made by economic theorists could be included, both for space limitations and necessity, because 3 of the limited competence of any single author. For instance, I have paid very limited attention to what is now called Macroeconomics, and also to Game Theory, which actually has grown so much as to acquire scientific in dependence as a living branch of applied mathematics. For the same reason, I have also left completely untouched such fields as Mathematical Finance, Public Economics, Theory of Taxation, etc. I have always based my presentation on published material only, assuming that what is contained in working papers still waits to be confirmed, possibly in the first years of the 21th century.
