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Author: Gerd Weinrich
Publisher:
ISBN:
Category : Demand (Economic theory)
Languages : en
Pages : 44
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Book Description
Author: Gerd Weinrich
Publisher:
ISBN:
Category : Demand (Economic theory)
Languages : en
Pages : 44
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Book Description
Author: Gerd Weinrich
Publisher:
ISBN:
Category :
Languages : de
Pages : 22
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Author: Lars E. O. Svensson
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 17
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![On the Theory of Effective Demand Under Stochastic Rationing/ by Gerd Weinrich ; [Ed.:] European University Institute, Department of Economics PDF](https://books.google.com/books/content/images/frontcover/e5YWSQAACAAJ?fife=w80-h100)
Author: Gerd Weinrich
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Author: Takatoshi Ito
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 30
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There are a couple of well-known unsatisfactory properties in the notion of effective demand defined by Benassy and one by Dreze. This is why recent authors in disequilibrium analysis study the stochastic rationing mechanism. Douglas Gale proved the existence of the equilibrium with stochastic rationing mechanism. However, Gale 's rationing mechanism requires an economic agent to know all the individual effective demands from the other agents. This creates the informational problem. Green examined a rationing scheme which depends only on the individual effective demand and the aggregate signals. However, he did not consider conditions on rationing mechanisms to show the existence of temporary equilibrium. The purpose of this paper is to show a couple of sufficient conditions for the existence of temporary equilibrium preserving all properties Green considered on rationing mechanisms. We also discuss the possibility of balancing demand and supply in realization instead of in the mean
Author: Seppo Honkapohja
Publisher:
ISBN: 9789514517129
Category : Equilibrium (Economics)
Languages : en
Pages : 41
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Stochastic rationing when the market does not clear draws attention because both Dreze (1975) and Benassy (1975) quantity-constrained equilibria have some undesirable features. Gale (1978)gave the existence proof of trade under uncertainty. His stochastic rationing depends on all the individual effective demands. It is too vague to characterize a rationing mechanism. Moreover, his assumption to ensure a non-trivial equilibrium is economically not clear. In this paper we extend Green (1978) to characterizing the rationing scheme as the individual effective demand times the rationing number which is a function of the aggregate quantity signals. We also construct an economy with money and overlapping generations. We show the existence of the non-trivial equilibrium and provide an example of a non-Wairasian equilibrium at the Walrasian equilibrium prices
Author: Christopher Martin
Publisher:
ISBN:
Category : Demand (Economic theory)
Languages : en
Pages : 30
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Author: Gerd Weinrich
Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 72
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Author: Seppo Honkapohja
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 35
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In this paper, our aim is to develop an alternative approach to analyzing a macroeconomic model where markets do not clear. Earlier approaches have had difficulties in interpreting effective demand, a key concept in disequilibrium macroeconomics. We propose a new definition of effective demand similar to that of Svensson, Gale, and Green. Given the states of the markets, there is in general uncertainty about the amount of trades individuals can complete. Considering this uncertainty, each individual has to make binding trade offers, i.e., effective demands, a fraction of which will be actually transacted. Using the newly-defined effective demand, we define the rationing equilibrium as a fixed point of disequilibrium signals. We analyze various regimes of rationing equilibria. The most startling conclusion is the multiplicity of equilibria: (1) given wages and prices, there may exist more than one type of equilibrium and (ii) even at Wairasian prices there may exist non-Walrasian equilibria, and these are usually stable with respect to a quantity-adjustment mechanism while the Wairasian equilibrium is unstable, The comparative-static properties of policy we also considered, and they are comparable to those of the earlier approach.
Author: Gerd Weinrich
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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