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Existence and Uniqueness of Equilibrium in Distorted Dynamic Economies with Capital and Labor Author info | Abstract | Publisher info | Download info | Related research | Statistics Manjira Datta () (W. P. Carey School of Business Department of Economics )
Leonard Mirman (University of Virginia)
Kevin Reffett () (W. P. Carey School of Business Department of Economics )
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registered author(s):
In this paper, we provide a set of sufficient conditions under which recursive competitive equilibrium exist and are unique for a large class of distorted dynamic equilibrium models with capital and elastic labor supply. We develop a monotone map approach to the problem. The class of economies for which we are able to obtain our existence result is apparently considerably larger than those considered in previous work. Additionally unlike previous work, we are able to also prove that this equilibrium is unique. We conclude by applying the new results to some important examples of monetary economies often used in applied work.
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Paper provided by Department of Economics, W. P. Carey School of Business, Arizona State University in its series Working Papers with number
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Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies D90 - Microeconomics - - Intertemporal Choice and Growth - - - General E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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