Correspondence Principle
نویسنده
چکیده
The Correspondence Principle is the relation, which exists in certain economic models, between comparative statics of equilibria and the properties of out-of-equilibrium dynamics. The Correspondence Principle (CP) implies that one obtains unambiguous comparative statics by selecting equilibria with desirable dynamic properties. Generally, the CP determines comparative statics in models with a one-dimensional endogenous variable, and in monotone multidimensional models. It does not determine comparative statics in general multidimensional models, such as Walrasian general equilibrium models with more than two goods. One-dimensional models. The CP holds quite generally in one-dimensional models. Consider, for example, a two-good economy with excess-demand function for good 1 given by z1, shown in the figure below. We fix the price of good 2; by Walras’s Law the equilibrium prices are the zeroes of z1: there are three equilibria, p11, p 2 1 and p 3 1.
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