Introduction to Intertemporal Equilibrium Theory: Indeterminacy, Bifurcations, and Stability
نویسندگان
چکیده
This paper provides an overview of the basic concepts of intertemporal equilibrium theory, and discusses the frameworks and techniques used in this subject. It then goes on to introduce the main themes discussed in the papers included in this symposium issue. Journal of Economic Literature Classification Numbers: C61, D90, O41. 2001 Academic Press
منابع مشابه
Indeterminacy and sunspot fluctuations in two-sector RBC models: theory and calibration∗
We analyze sunspot-driven fluctuations in the standard 2-sector RBC model with moderate increasing returns to scale. We provide a detailed theoretical analysis enabling us to derive relevant bifurcation loci and to characterize the steady-state local stability properties as a function of various structural parameters. With GHH preferences, we show that local indeterminacy occurs through flip an...
متن کاملSaddles, Indeterminacy and Bifurcations in an Overlapping Generations Economy with a Renewable Resource****
We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady state equilibria, and show that their nature depends on the size of the intertemporal elasticity of subst...
متن کاملIntertemporal general equilibrium and monetary theory 1
The introduction of banks that issue money and supply balances and pay out their profits as dividends is the natural modification of the model of general competitive equilibrium that encompasses monetary economies. Competitive equilibria exist. Nevertheless, eventhough there is a well defined money market, competitive equilibrium allocations are indeterminate. On an event tree with N nodes, of ...
متن کاملClassical and Neoclassical Indeterminacy in One-shot versus Ongoing Equilibria
I analyze two connections between neoclassical and classical economics. First, I consider the indeterminacy that arises for both schools: in the neoclassical theories of overlapping generations and of factor pricing and in Sraffa’s price theory. Neoclassical indeterminacy occurs only in environments where relative prices can change through time; otherwise, determinacy obtains. Although these re...
متن کاملIndeterminacy of intertemporal equilibria under imperfect competition
It is known that overlapping generations models with imperfectly competitive firm may exhibit a continuum of stationary equilibria. The reason of this indeterminacy is that different price expectation functions of consumers lead to different objective demand functions against which firm maximize. All these expectation functions fulfil perfect foresight in the equilibrium, but they can be arbitr...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- J. Economic Theory
دوره 96 شماره
صفحات -
تاریخ انتشار 2001