I study the cyclical behavior of an equilibrium search model with endogenous job creation and destruction and extract from it a wage equation that can be compared with the econometric evidence. Job creation in the model is influenced by wages in new matches. I summarize microeconometric evidence on wages in new matches and show that the key model elasticities are consistent with the evidence. T...

model of the type used to forecast the effects on an industry of changes in the national economy is described. The components representing input data and the type of output from such a model are discussed. This paper is intended as a tutorial discussion of an advanced application in data processing. Input-output models are used to forecast various effects that can occur to an industry as it int...

It is known that the classical theorems of Grodal [Grodal, B., 1972. A second remark on the core of an atomless economy. Econometrica 40, 581–583] and Schmeidler [Schmeidler, D., 1972. A remark on the core of an atomless economy. Econometrica 40, 579–580] on the veto power of small coalitions in finite dimensional, atomless economies can be extended (with some minor modifications) to include th...

In a recent paper the second author has shown that some of the usual hypotheses on consumers’ preferences are not needed for the proof of existence of a Walrasian General Equilibrium [Mas-Cole11 (1974)]. Specifically, it is not necessary that preferences come from a preference ordering. The only order property required is irreflexivity (meaning that a given commodity bundle is not preferred to ...

As Kuznets observed, the distinguishing feature of modern economic growth is the application of scientific knowledge to productive activities. 1 For Kuznets, 'modern' economic growth involved progress since the Industrial Revolution rather than from the Information Revolution. The gathering momentum of the Information Revolution has, however, led many authors to conclude that it represents a qu...

The objective of general equilibrium theory is to understand how the complex structure of contractual markets, characteristic of a modern economy, provides a mechanism for agents (consumers, firms and government) to coordinate their decisions, share their risks and create appropriate incentives, in an evolving intertemporal setting with uncertainty. The basic skeleton on which the theory is con...

Acknowledgments I would like to express my sincere gratitude to my thesis supervisor, Professor Toru Ishida at Kyoto University, for helpful guidance, valuable advices and worthy discussions. I would also like to thank my other reading comittee members at Kyoto University, Professor Yahiko Kambayashi and Professor Tetsuro Sakai for their valuable comments. I must express my special thanks to th...

– We argue here two types of interactions within an organization are crucial for understanding how the making of expectations is structured. Our basic assumption is that the making of expectations is realized with different manners in a small firm which works in an entrepreneurial regime than in a large firm of the ologopolistic or routinized regime (see Winter, 1984). We follow the very revela...

a r t i c l e i n f o This paper features a simple static Cournot–Nash model of an exchange economy with two productive sectors at flexible prices and wages. The traders in the atomless sector are price-takers, while the atoms behave strategically. We focus on the consequences of strategic interactions on the market outcome. Firstly, strategic interactions create underemployment on the labor ma...

I. If a symbolic date were to be chosen for the birth of mathematical economics, our profession, in rare unanimous agreement, would select 1838, the year in which Augustin Cournot published his Recherches sur les Principes Mathématiques de la Théorie des Richesses. Students of the history of economic analysis could point out contributions made to mathematical economics as early as the beginning...